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A woman wearing a respiratory mask walks towards Capitol Hill and Rome’s city hall on Tuesday. Picture: AFP/VINCENZO PINTO
Milan/Rome — Italy has become the first country to attempt a nationwide lockdown to stop the spread of the infectious coronavirus.
The death toll from the virus, which is on the cusp of turning into a pandemic, is edging towards 500.
Italy’s prime minister has called this the country’s “darkest hour,” inviting comparisons to the UK during World War 2. The effects, both psychological and economic, could be devastating as the government struggles to contain the damage.
“We need to change our habits right now,” Prime Minister Giuseppe Conte said at an unscheduled news conference on Monday evening. He ordered the nation to “stay at home” as he explained that “we are forced to impose sacrifices”.
Italian assets were already facing turmoil on Monday as the Milan exchange remained open with no limitations despite calls to halt trading. Italy’s benchmark FTSEMIB index dropped by 11.2%, the most since June 2016, entering a bear market. It has lost over 25% since the beginning of the crisis February 21. Bond spreads widened to the highest level since August 2019.
The business community appeared to rally around the prime minister on Tuesday. Marcella Panucci, director-general of employers lobby Confindustria, said that the full lockdown was justified. “We fear a shock on credit,” she warned, calling on the government to offer guarantees and investment to shore up an economy under siege.
Less than 48 hours after announcing drastic steps in the region around Milan, Conte is moving to widen restrictions by decree to an entire population of more than 60-million. The initiatives in the north had appeared to yield limited results, as people are still able to move about freely.
“All of Italy is now closed,” Milan daily Corriere della Sera wrote on its front page Tuesday. “Everyone at home,” Rome-based La Repubblica wrote.
Panic button
Now that Conte has sounded a global alarm, questions linger about the enforceability in Western economies of the kind of draconian measures needed to limit the number of people getting infected. The country’s health system is on the brink of collapse and the obstacles Italy is up against in practical terms are much greater than what China carried out in part of the country.
Chinese authorities did not impose travel restrictions nationwide, instead training their focus on the most-affected province, Hubei in the country’s centre. It locked down a handful of cities, including Wuhan where the pathogen is thought to have originated, stopping air and rail travel and restricting those who could leave by car.
The measures, which started in late January, saw more than 60-million people effectively locked in, and remain in place.
The move restricted the virus largely within Hubei, causing cases in the region to multiply dramatically throughout February and stretching medical resources. Hubei set up temporary hospitals in gymnasiums and auditoriums, and people waited for hours to be tested or treated. The outbreak was more manageable across the rest of the country.
The impact of the national lockdown in Italy will become clear for at least a month, Giovanni Rezza, head of the infectious diseases department at the Superior Health Institute said. “What matters more than government measures is how individuals behave. People haven’t realised how much they’re at risk.”
In Italy the situation appears as follows: schools and universities will be closed nationwide, all public events will be cancelled and Italians will not be allowed to travel without a business or health-related justification until April 3.
Conte’s decision came after the number of cases in Italy soared by 25% to 9,172 on Monday as reported deaths jumped to 463 from 366.
Italy’s finance ministry said on Monday that the country is better off taking a short-term economic hit now to prevent a wider economic crisis. The government has amped up spending to €7.5bn to help cushion the economic impact of the virus.
Deputy finance minister Antonio Misiani said the government may seek a bigger package. “If necessary we will ask parliament for more than the €7.5bn that has already been announced,” Misiani said. “The government will ask parliament to deviate from the deficit to do what is necessary to help Italian families and businesses.”
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Italy moves to lock down the entire country
Milan/Rome — Italy has become the first country to attempt a nationwide lockdown to stop the spread of the infectious coronavirus.
The death toll from the virus, which is on the cusp of turning into a pandemic, is edging towards 500.
Italy’s prime minister has called this the country’s “darkest hour,” inviting comparisons to the UK during World War 2. The effects, both psychological and economic, could be devastating as the government struggles to contain the damage.
“We need to change our habits right now,” Prime Minister Giuseppe Conte said at an unscheduled news conference on Monday evening. He ordered the nation to “stay at home” as he explained that “we are forced to impose sacrifices”.
Italian assets were already facing turmoil on Monday as the Milan exchange remained open with no limitations despite calls to halt trading. Italy’s benchmark FTSEMIB index dropped by 11.2%, the most since June 2016, entering a bear market. It has lost over 25% since the beginning of the crisis February 21. Bond spreads widened to the highest level since August 2019.
The business community appeared to rally around the prime minister on Tuesday. Marcella Panucci, director-general of employers lobby Confindustria, said that the full lockdown was justified. “We fear a shock on credit,” she warned, calling on the government to offer guarantees and investment to shore up an economy under siege.
Less than 48 hours after announcing drastic steps in the region around Milan, Conte is moving to widen restrictions by decree to an entire population of more than 60-million. The initiatives in the north had appeared to yield limited results, as people are still able to move about freely.
“All of Italy is now closed,” Milan daily Corriere della Sera wrote on its front page Tuesday. “Everyone at home,” Rome-based La Repubblica wrote.
Panic button
Now that Conte has sounded a global alarm, questions linger about the enforceability in Western economies of the kind of draconian measures needed to limit the number of people getting infected. The country’s health system is on the brink of collapse and the obstacles Italy is up against in practical terms are much greater than what China carried out in part of the country.
Chinese authorities did not impose travel restrictions nationwide, instead training their focus on the most-affected province, Hubei in the country’s centre. It locked down a handful of cities, including Wuhan where the pathogen is thought to have originated, stopping air and rail travel and restricting those who could leave by car.
The measures, which started in late January, saw more than 60-million people effectively locked in, and remain in place.
The move restricted the virus largely within Hubei, causing cases in the region to multiply dramatically throughout February and stretching medical resources. Hubei set up temporary hospitals in gymnasiums and auditoriums, and people waited for hours to be tested or treated. The outbreak was more manageable across the rest of the country.
The impact of the national lockdown in Italy will become clear for at least a month, Giovanni Rezza, head of the infectious diseases department at the Superior Health Institute said. “What matters more than government measures is how individuals behave. People haven’t realised how much they’re at risk.”
In Italy the situation appears as follows: schools and universities will be closed nationwide, all public events will be cancelled and Italians will not be allowed to travel without a business or health-related justification until April 3.
Conte’s decision came after the number of cases in Italy soared by 25% to 9,172 on Monday as reported deaths jumped to 463 from 366.
Italy’s finance ministry said on Monday that the country is better off taking a short-term economic hit now to prevent a wider economic crisis. The government has amped up spending to €7.5bn to help cushion the economic impact of the virus.
Deputy finance minister Antonio Misiani said the government may seek a bigger package. “If necessary we will ask parliament for more than the €7.5bn that has already been announced,” Misiani said. “The government will ask parliament to deviate from the deficit to do what is necessary to help Italian families and businesses.”
Bloomberg
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