Reuters AlertNet Lite - Italy to approve auto aid package Friday -minister

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Italy to approve auto aid package Friday -minister

03 Feb 2009 22:45:31 GMT
Source: Reuters

ROME, Feb 3 (Reuters) - The Italian government will approve a major aid package for the auto industry on Friday, Claudio Scajola, Italy's development minister, said on a talk show on Tuesday.

The debt-laden government had promised a package of aid for the first part of February, but had given no details.

Media reports said the government led by Silvio Berlusconi could be looking at incentives for buyers of around 300 million euros ($386 million). Others added that fiscal breaks and financing could be added in a way to bring the total amount above 1 billion euros.

Scajola added that the Cabinet would approve measures to support not just automakers but also other sectors of the industry. He said the measure will be "innovative" but did not elaborate.

Italy's car sales could fall 17 percent in 2009, after a 13 percent drop in 2008. Fiat <FIA.MI> Chief Executive Sergio Marchionne warned in January that 60,000 jobs could be at risk. ($1=.7776 Euro) (Reporting by Paolo Biondi, editing by Matthew Lewis)

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