Hakort International Country Credit Risk update: Italy

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Hakort International collects debts in every country in the world. In this Country Credit Risk update we focus on Italy.

Ciao lettori,

Citizens: 60.360.000
Languages: Italian
Currency: Euro (EUR)
Statue of limitation: 5 years
Law: Italian law is applicable

Average credit risk: high
(Pre) legal options: extensive & reliable
Economic situation: fragile
Political situation: fragile

Background

Italy is a country in south-central Europa and can be recognized by its shape as most people compare it to a boot. Italy has got a lot of different landscapes and it is not ought that many Italians call Italy “Bella Italia”. The country is also known for its food. From a delicious pizza to wine, ice cream, fashion, opera, etc. Italians are living the “dolce vita”.

Local approach

We believe that the success of collecting a debt is always based on a local approach. Our local debt collection officers, paralegals and attorneys need to be as close to the debtor as possible. They speak the language, and know their culture and even more importantly; they also know how the legal process works as one of the best. Our average length of the pre-legal fase in Italy takes approximately two months. Keep in mind that legal procedures in Italy can take a very long time. That is why a powerful and decent pre-legal procedure is of great importance.

Risks

Italy’s economy knows a big gap between north and south. The country has had these differences since the unification of Italy. The agrarian south is not wealthy and the north was more developed, especially on an industrial level. The Italian government tried to decrease this gap with funds. Despite these funds, Italy still did not become one economy. The reason lies in the fact that the southern politicians used the money for causes as buying votes instead of using the money to let their economy blossom. The Italian government got into a national debt and they raised the taxes. Many Italians got unemployed. With high unemployment persisting, the deficit increasing and the debt burden rising without any further reforms, Italy has a high credit risk. The Italian mafia doesn’t help the Italian economy as it causes wage loss. When going to court, patience is needed, as Italy has got a slow court procedure in general.

Hakort International Services

  • Debt collection (pre-legal and legal)
  • Litigation
  • Address research
  • Site visits
  • Credit checks

 

NOTE: The information in this article is provided by Hakort international. We are one of the key players providing global debt collection services. This article represents a compilation of information of several reputable sources. Please always look at the date of publication to determine how actual the information is. To get the most recent and accurate Country Credit Risk update, always contact our office first: info@hakortinternational.com. No rights can be derived from this article.

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