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Should this alleviate the worry about Europe?
ROME (Reuters) - Italian Prime Minister Silvio Berlusconi announced a
painful mix of tax hikes and spending cuts Friday to meet European Central
Bank demands for action on shoring up Italy's strained public finances.
After days of criticism for a lack of clarity over how it intended to meet
an ECB-imposed target of balancing the budget by 2013, Berlusconi and
Economy Minister Giulio Tremonti delivered a harsh dose of austerity for
Italy's fragile economy.
"We are personally very pained to have to adopt these measures," Berlusconi
told reporters after the cabinet had approved the plan.
The package, adopted by emergency decree, imposes austerity measures worth
20 billion euros in 2012 and a further 25.5 billion euros the following year
through a mixture of public spending cuts and higher taxes, Berlusconi said.
It must now be approved by parliament within 60 days.
The extent of the cuts underlines how far the government has been pushed
since markets turned on Italy last month, dragging it close to a Greek-style
emergency that would overwhelm the euro zone's bailout mechanisms.
The budget deficit will fall to 1.4 percent of gross domestic product in
2012 from 3.8 percent this year, and be eliminated in 2013, Tremonti said,
adding that these targets were "prudent."
The package imposes a 5 percent extra tax on income above 90,000 euros and
10 percent more tax on income above 150,000 euros, as well as increasing the
tax rate on financial income to 20 percent from a current level of 12.5
percent.
It also brings forward measures to raise the retirement age for women in the
private sector, originally programed to begin in 2020 but which will now
start in 2016.
Additional measures include a rule ensuring that non-religious public
holidays, such as the June 2 anniversary of the founding of the Italian
Republic, are celebrated on a Sunday to increase the number of working days
in a year.
Read more: http://www.portfolio.com/business-news/reuters/2011/08/12/italy-delivers-tough-austerity-measures#ixzz1UqepCrIB
ROME (Reuters) - Italian Prime Minister Silvio Berlusconi announced a
painful mix of tax hikes and spending cuts Friday to meet European Central
Bank demands for action on shoring up Italy's strained public finances.
After days of criticism for a lack of clarity over how it intended to meet
an ECB-imposed target of balancing the budget by 2013, Berlusconi and
Economy Minister Giulio Tremonti delivered a harsh dose of austerity for
Italy's fragile economy.
"We are personally very pained to have to adopt these measures," Berlusconi
told reporters after the cabinet had approved the plan.
The package, adopted by emergency decree, imposes austerity measures worth
20 billion euros in 2012 and a further 25.5 billion euros the following year
through a mixture of public spending cuts and higher taxes, Berlusconi said.
It must now be approved by parliament within 60 days.
The extent of the cuts underlines how far the government has been pushed
since markets turned on Italy last month, dragging it close to a Greek-style
emergency that would overwhelm the euro zone's bailout mechanisms.
The budget deficit will fall to 1.4 percent of gross domestic product in
2012 from 3.8 percent this year, and be eliminated in 2013, Tremonti said,
adding that these targets were "prudent."
The package imposes a 5 percent extra tax on income above 90,000 euros and
10 percent more tax on income above 150,000 euros, as well as increasing the
tax rate on financial income to 20 percent from a current level of 12.5
percent.
It also brings forward measures to raise the retirement age for women in the
private sector, originally programed to begin in 2020 but which will now
start in 2016.
Additional measures include a rule ensuring that non-religious public
holidays, such as the June 2 anniversary of the founding of the Italian
Republic, are celebrated on a Sunday to increase the number of working days
in a year.
Read more: http://www.portfolio.com/business-news/reuters/2011/08/12/italy-delivers-tough-austerity-measures#ixzz1UqepCrIB
