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Friday
Jul052013

Italian Government to Pay Its Bills to Help Boost Economy

iStockphoto/Thinkstock(ROME) -- There's some good news for cash-strapped companies in Italy: the government there has finally promised to pay tens of billions of dollars worth of long overdue bills.

Thousands of private Italian companies have been waiting months -- in some cases, years -- to be paid for supplying various local governments across the country.

Many businesses have gone under because the government has been so slow in paying them.

Italy says it will square up its $50 billion worth of unpaid bills in the next two years, the bulk of that sum this fall.

Copyright 2013 ABC News Radio