Italy to pay 40bn euros owed to business to boost growth

The Italian government on Saturday gave its go-ahead for a bill to repay 40 billion euros ($52 billion) in debts owed to the private sector over the next 12 months in a bid to stimulate growth.

"The cabinet meeting today approved an urgent decree to pay back the debts of the public sector to the private sector," Prime Minister Mario Monti told a press conference after the talks.