Payback time, Italy seeks to lessen COVID loan burden – Reuters

Payback time, Italy seeks to lessen COVID loan burden – Reuters

MILAN, May 6 (Reuters) - Gianni Polidori served a final espresso in his freshly renovated cafe in the Italian port of Ancona at the end of March. Since then, he has been trying to sell Bar Dolce e Amaro so he can pay off months of rent and a 10,000 euro ($10,519) bank loan.

Dolce e Amaro, or bittersweet, indeed.

The debt was a lifeline during the COVID-19 pandemic when European governments raced to guarantee loans to keep companies afloat. Now it's a burden Polidori and some other small firms cannot afford to bear as the conflict in Ukraine turbocharges energy bills and food costs, making it harder to earn a living.