March 12, 2014 / 5:40 PM / 3 years ago

Italy PM Renzi says to pay all arrears owed to companies by July

1 Min Read

ROME, March 12 (Reuters) - Italy will pay off all arrears owed to private companies by July, Italian Prime Minister Matteo Renzi said on Wednesday, without giving details on how the measure will be funded.

In his first press conference since taking office last month, Renzi said that about 68 billion euros ($94.55 billion) in back payments would be made by July. Previous governments have already paid off 22 billion euros in debt, he said.

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