Italia have decided to shut down their self-financing project, in the wake of the country’s first tax revolt in more than 20 years.
The Italian government said it had not received enough money from citizens in order to keep the project going.
“This project has to be considered an integral part of the national economy and a fundamental necessity,” Finance Minister Andrea De Vivo said in a statement on Wednesday.
He added that the government had received more than €7 million in pledges to keep up the project, but that the amount of money received by the government “had not reached the level of the expectations.”
The government had been considering the idea of raising taxes to fund the project.
The project is a joint venture between Italy’s state-owned bank Monte dei Paschi di Siena and a consortium of Italian construction companies.
The consortium also includes Italy’s largest construction company, Diamantia, and an international company.
The state-run bank has pledged €1.2 billion in support of the project since it began, but there have been criticism that the project is not working as hoped.
Monte de i Paschi, which was founded in 1815, had previously been involved in other projects such as the construction of the St. Mark’s Cathedral in Rome, the reconstruction of the Via Santa Marta in the Veneto and the construction and rehabilitation of the Colosseum in Rome.
The group is currently under pressure to raise funds from the public in order for the project to continue.
“There are people who are worried about the financial position and the sustainability of the business, and I am the one who can help them to understand why,” said Monte de Siena President Matteo Gelli in a press conference on Wednesday morning.
“I have nothing to do with this.
The problem is that the whole project is under threat of bankruptcy.
We have to make sure that it is not taken out of bankruptcy,” he said.
“We will continue to support it and the people who believe in it.”
He also said that the Italian government would not fund any projects until the country had a stable economic situation.
In an interview with the Italian newspaper Corriere della Sera, Gelli said that while the government was considering the possibility of raising additional funding, the main obstacle was the Italian tax authorities.
“In the end, the only thing that is important is the tax system,” Gelli told the newspaper.
The new tax rules have been welcomed by the construction industry, which had feared that the scheme would make the country more vulnerable to future tax revolts.
Construction companies are worried that the new rules could lead to an exodus of private-sector workers, especially as Italy’s construction industry is dominated by the private sector.