House unanimously approves payment of overdue bills

Debt repayment seen as crucial injection of liquidity to economy

House unanimously approves payment of overdue bills

Rome, June 5 - The House unanimously passed a bill Wednesday approving billions in payments on outstanding debts to businesses. The bill was passed by 508 votes and should allow the government to pay up to 40 billion euros in overdue bills by the end of next year. Repaying the debts has been seen as important tool in providing the recession-plagued economy with a shot-in-the-arm of liquidity. Italy's industrial association Confindustria has issued several loud calls for payment on the overdue bills to help relieve the credit crunch that has been strangling Italian businesses. Unblocking the public administration's payment of some 40 billion euros overdue to its suppliers was a goal set by the former technical government led by Mario Monti.

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