.ONLY thinking of it “gives me a stomach soreness”, said Italy’s money administrator, Giancarlo Giorgetti. He was actually describing a home-improvements aid that has become the economic matching of King Kong: a creature running riot, damaging the nation’s seldom-robust public accounts. On April 9th Mr Giorgetti disclosed that claims of the aid, referred to as the “superbonus”, created in the four years that the scheme has been actually managing, together with insurance claims of another that offsets the cost of refurbishing fau00e7ades, will inevitably empty the treasury of EUR219bn ($ 233bn).
That is virtually 10% of Italy’s GDP in 2013. Exactly how on earth did things come to this aspect?