Italians have been taking their own lives at an alarming rate as a result of the economic crisis in recent weeks, forcing a business group to put in place a dedicated psychological assistance network.
Daily media reports have thrown the spotlight on the desperation of small business owners, workers and unemployed people who have lost hope as the economy struggles through recession and unemployment reaches record highs.
One of the most shocking cases was the self-immolation last month of a 58-year-old builder in Bologna in central Italy who was under pressure over unpaid taxes. He died of his burns in hospital after nine days of agony.
In the latest case on Thursday, a 53-year-old farmer was found hanged in his farm building in northeast Italy, leaving behind a wife and four children. He had told friends and relatives that his business was in serious financial trouble.
The leader of the center-right People of Freedom party, Angelino Alfano, pointed to “a wave of suicides linked to economic difficulties.”
Sergio Marchionne, the chief executive of Fiat, Italy’s biggest private company, said: “This is the reflection of an unsustainable situation.”
Antonio Di Pietro, leader of the center-left Italy of Values party, added controversy to the phenomenon earlier this month when he blamed Italian Prime Minister Mario Monti directly saying: “These suicides are on his conscience.”
He accused Monti of “lying in the newspapers about the crisis being over.”
Already hit by the global financial crisis in 2009, Italy’s economy has now been weakened even more by the debt crisis and a series of austerity plans approved last year in a bid to reassure the markets over the stability of its finances.
The economy fell back into recession in the second half of last year.
Italy’s large immigrant population has also been feeling the pain of economic troubles. Last month, a 27-year-old Moroccan builder who had not been paid for months set himself on fire in Verona.
“He shouted out that he hadn’t been paid for four months and poured gasoline over himself before setting himself alight. Police raced to put the flames out and he has been taken to hospital,” a police official said.
The spate of suicides has prompted the association Businesses That Resist to put in place in several regions a network of psychologists who help business owners and workers discuss their problems and receive care.
“It’s not hard to find yourself in great difficulty,” said Massimo Mazzucchelli, a businessman from Varese in northern Italy behind the project.
Mazzuchelli said some of the most frequent problems were debts, payment of tax arrears, delayed payments by clients and getting loans from banks.
“There is therefore a concrete need for psychological assistance since the situation is getting worse,” he said.
However, he said that getting business people to admit they need help is not always easy.
“They have often done everything on their own and are used to resolving their problems on their own,” he said.
Kety Ceolin, a psychoanalyst from the Venice region, said that the business owners who come to her are struggling with “shame” and have the feeling “that there is no one out there to ask for help.”
Semiconductor business between Taiwan and the US is a “win-win” model for both sides given the high level of complementarity, the government said yesterday responding to tariff threats from US President Donald Trump. Home to the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), Taiwan is a key link in the global technology supply chain for companies such as Apple Inc and Nvidia Corp. Trump said on Monday he plans to impose tariffs on imported chips, pharmaceuticals and steel in an effort to get the producers to make them in the US. “Taiwan and the US semiconductor and other technology industries
The US Federal Reserve is expected to announce a pause in rate cuts on Wednesday, as policymakers look to continue tackling inflation under close and vocal scrutiny from US President Donald Trump. The Fed cut its key lending rate by a full percentage point in the final four months of last year and indicated it would move more cautiously going forward amid an uptick in inflation away from its long-term target of 2 percent. “I think they will do nothing, and I think they should do nothing,” Federal Reserve Bank of St Louis former president Jim Bullard said. “I think the
SMALL AND EFFICIENT: The Chinese AI app’s initial success has spurred worries in the US that its tech giants’ massive AI spending needs re-evaluation, a market strategist said Chinese artificial intelligence (AI) start-up DeepSeek’s (深度求索) eponymous AI assistant rocketed to the top of Apple Inc’s iPhone download charts, stirring doubts in Silicon Valley about the strength of the US’ technological dominance. The app’s underlying AI model is widely seen as competitive with OpenAI and Meta Platforms Inc’s latest. Its claim that it cost much less to train and develop triggered share moves across Asia’s supply chain. Chinese tech firms linked to DeepSeek, such as Iflytek Co (科大訊飛), surged yesterday, while chipmaking tool makers like Advantest Corp slumped on the potential threat to demand for Nvidia Corp’s AI accelerators. US stock
Cryptocurrencies gave a lukewarm reception to US President Donald Trump’s first policy moves on digital assets, notching small gains after he commissioned a report on regulation and a crypto reserve. Bitcoin has been broadly steady since Trump took office on Monday and was trading at about US$105,000 yesterday as some of the euphoria around a hoped-for revolution in cryptocurrency regulation ebbed. Smaller cryptocurrency ether has likewise had a fairly steady week, although was up 5 percent in the Asia day to US$3,420. Bitcoin had been one of the most spectacular “Trump trades” in financial markets, gaining 50 percent to break above US$100,000 and