Legal Question in Employment Law in Italy

I work in Italy. My contract promises to pay in euro. With looming eurozone crisis, I have two questions: 1. what is likely to happen if the euro is no longer used as a common currency in europe and each nation returns to its previous currency. 2. more likely, if italy seperates from the eurozone, will i still get paid in euro (as my contract promises) or in Lira or..? is there a precedent for this? thank you.


Asked on 5/29/12, 4:06 am

1 Answer from Attorneys
Giovanbattista Greco Avv. Giovanbattista Greco

Dear Sir/ Madam,

usually the creation or suppression of a currency is accompained by a statement regarding the consequencies of such change on ongoing contracts.

Therefore, in your case, an exchange rate between the old and new currency would be set and, bearing in mind what happen with Lira, for an early period payments would be possible with one currency or another.

In the end you would be paid in the new currency, unless the payment in Euro has been agreed as essential in your contract. In fact, as a general rule, in Italy payments are always possible by using the national currency in circulation.

I hope this could help.

Regards,

G. G.

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Answered on 5/31/12, 6:50 am


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