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Pin to quick picksAstrazeneca Share News (AZN)

Share Price Information for Astrazeneca (AZN)

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UPDATE 1-Italy's Draghi says will hike deficit to support virus-hit economy

Fri, 12th Mar 2021 15:32

(Adds details, quotes, background)

ROME, March 12 (Reuters) - Prime Minister Mario Draghi said
on Friday he would hike this year's budget deficit further in
order to support the economy hit by a worsening coronavirus
crisis and promised to intensify Italy's vaccination drive.

Speaking at an inoculation centre at Rome's Fiumicino
airport, Draghi also played down health concerns about the
AstraZeneca vaccine, which some countries have suspended
following the deaths of a handful of people who had taken it.

"I will propose to parliament ... a new increase in the
deficit," said Draghi, who took office a month ago at the head
of a government of national unity.

Rome's most recent estimate was for a deficit-to-GDP ratio
of 8.8% this year, down only slightly from 9.5% in 2020 when the
economy shrank by 8.9%, Italy's steepest recession since World
War Two.

Draghi spoke shortly after the cabinet approved a decree
ordering a nationwide lockdown over the Easter weekend. It also
toughened curbs on economic activity and freedom of movement
from Monday to try to rein in a rise in COVID-19 infections.

Italy has reported more than 100,000 deaths from the disease
since discovering its first cases 13 months ago, the seventh
highest toll worldwide.

Draghi said a new decree to be presented next week will
extend furlough schemes, bolster income support for the poor and
simplify procedures to compensate firms whose revenue have been
hit by COVID closures.

This package of measures, worth 32 billion euros ($38.17
billion), was already budgeted for by the previous government,
while Draghi said he would ask parliament in April for
authorisation to increase spending further.

Draghi said Italy's medicines authority believed there was
no link between the AstraZeneca vaccine and recent deaths of
people who had taken it, which prompted Denmark, Norway, Iceland
and Bulgaria to suspend the vaccine and Italy to block a batch.

Italy is currently vaccinating some 170,000 people per day,
the prime minister said, adding: "The goal is to triple that
quickly."

Amid reports of many Italians managing to get vaccinated
ahead of the elderly and chronically sick, Draghi appealed for a
sense of responsibility.

"I ask everyone to wait their turn," he said, citing the
example of the 79-year-old head of state Sergio Mattarella, who
was only vaccinated this week.
($1 = 0.8383 euros)
(Reporting by Gavin Jones, Angelo Amante and Giuseppe Fonte,
writing by Gavin Jones, editing by Crispian Balmer)

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