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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-05-11 06:07 AM
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7. Italy’s Leader Unveils Radical Austerity Measures

Telling Italians that the fate of their country and the euro was at stake, Prime Minister Mario Monti unveiled a radical and ambitious package of spending cuts and tax increases on Sunday, including deeply unpopular moves like raising the country’s retirement age...Mr. Monti’s proposals include reintroducing an unpopular property tax that Mr. Berlusconi abolished in 2008 to fulfill a campaign promise. The new measures would also prohibit cash transactions above 1,000 euros ($1,340), in the hope of making tax evasion harder; raise the country’s value-added tax by two points to 23 percent starting in September; and give incentives to businesses to hire new workers.

The country’s new welfare minister, Elsa Fornero, a pension expert, choked with emotion at the news conference as she explained how Italians would be asked to sacrifice today in order to make the pension system less “arbitrary” and “more equitable” for future generations.

The standard retirement age, now 60 for many women and 65 for most men, would quickly rise to 62 and 66, with incentives to keep working until age 70; the standard age for women would eventually rise to match that for men. Pensions would be based on the number of years of contributions, not on the worker’s salary at the time of retirement, as is common now...

The measures are meant to slash the cost of government, combat tax evasion and step up economic growth, so the country can eliminate its budget deficit by 2013. Mr. Monti took the steps in an emergency decree, which means they will take effect before he presents them to Parliament for formal approval...The hope is that they will take some of the market pressure off Italy, whose borrowing costs have been pushed up in recent weeks to levels that have led other European countries to seek bailouts; once Italy has shown it is committed to austerity, the European Union can move ahead with broader plans to shore up the euro.
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  -STOCK MARKET WATCH, Monday, December 5, 2011 Pale Blue Dot  Dec-05-11 05:48 AM   #0 
  - Today's Reports  Pale Blue Dot   Dec-05-11 05:48 AM   #1 
  - Oil rises to near $102 as Iran tensions rise  Pale Blue Dot   Dec-05-11 05:49 AM   #2 
  - U.S. futures gain on Europe progress hopes  Pale Blue Dot   Dec-05-11 05:50 AM   #3 
  - Debt Slavery – Why It Destroyed Rome, Why It Will Destroy Us Unless It’s Stopped  Demeter   Dec-05-11 05:55 AM   #4 
  - Thank you for today's history/economics lesson!  Juneboarder   Dec-05-11 12:01 PM   #61 
  - White House pushes for confirmation of consumer watchdog nominee  Demeter   Dec-05-11 06:01 AM   #5 
  - Mr. President, if the repugs are going to use pro forma....  Hotler   Dec-05-11 09:14 AM   #46 
  - Economy Avoiding ‘Death Spiral’ Boosts Bullish Fund Wagers in Commodities  Demeter   Dec-05-11 06:03 AM   #6 
  - Italy’s Leader Unveils Radical Austerity Measures  Demeter   Dec-05-11 06:07 AM   #7 
  - Will (Three Card) Monti be the first  Po_d Mainiac   Dec-05-11 08:01 AM   #38 
     - Works for me!  Demeter   Dec-05-11 08:08 AM   #40 
     - But at least Berlusconi...  AnneD   Dec-05-11 11:44 AM   #59 
     - +1 n/t  Hotler   Dec-05-11 09:16 AM   #47 
  - Germany ready to shift on ESM bondholder losses  Demeter   Dec-05-11 06:17 AM   #8 
  - Fed may give loans to IMF to help euro zone  Demeter   Dec-05-11 06:18 AM   #9 
  - Euro Governments Consider Special IMF Fund  Demeter   Dec-05-11 06:19 AM   #10 
  - Geithner headed to Europe to meet with Sarkozy and key officials  Demeter   Dec-05-11 06:21 AM   #11 
  - Fuck the IMF. Let the collapse happen.  Hotler   Dec-05-11 09:35 AM   #48 
     - I have finally wrapped my head around this fact....  AnneD   Dec-05-11 12:39 PM   #62 
        - Too bad we don't have a real leader, a real world leader...  Hotler   Dec-05-11 04:41 PM   #72 
  - morning...morning...morning...  xchrom   Dec-05-11 06:38 AM   #12 
  - yeah. whatever  Tansy_Gold   Dec-05-11 06:44 AM   #15 
  - ...  xchrom   Dec-05-11 06:52 AM   #19 
  - How about a happy pic for Monday???  Roland99   Dec-05-11 07:00 AM   #20 
  - wow -- is that your wedding?  xchrom   Dec-05-11 07:02 AM   #22 
  - that was right after we sat at our table at the reception  Roland99   Dec-05-11 07:17 AM   #25 
     - well your happiness is catching -- that's a wonderful picture  xchrom   Dec-05-11 07:22 AM   #26 
     - I was hoping you would post pics today.....  AnneD   Dec-05-11 12:43 PM   #63 
  - Very, very nice.  Tansy_Gold   Dec-05-11 07:23 AM   #27 
  - Congratulations!  DemReadingDU   Dec-05-11 07:34 AM   #31 
  - Very nice!  Po_d Mainiac   Dec-05-11 08:05 AM   #39 
  - omg! What a beautiful couple!  Demeter   Dec-05-11 08:12 AM   #42 
  - Congratulations!  Fuddnik   Dec-05-11 09:40 AM   #50 
  - Just thought I'd post that...y'all have fun with the bulls and bears today  Roland99   Dec-05-11 07:01 AM   #21 
  - Cool.  Ghost Dog   Dec-05-11 09:49 AM   #52 
  - I had to go back to bed in order to understand today's cartoon  Demeter   Dec-05-11 08:10 AM   #41 
     - STILL raining?!?! FEH!  xchrom   Dec-05-11 08:16 AM   #43 
  - europe: Iceland Bank to Sell Eurobonds for First Time Since Crash  xchrom   Dec-05-11 06:39 AM   #13 
  - Economic crisis tests Italy's luxury market  xchrom   Dec-05-11 07:05 AM   #23 
  - Spain losing the roof over its head  xchrom   Dec-05-11 07:07 AM   #24 
     - Yah don't say.  Ghost Dog   Dec-05-11 09:37 AM   #49 
        - unempolyment in spain is huge period.  xchrom   Dec-05-11 10:27 AM   #55 
  - asia: China's thin margin for error in property policies  xchrom   Dec-05-11 06:42 AM   #14 
  - Capital spending plummets 9.8% {japan}  xchrom   Dec-05-11 06:44 AM   #16 
  - Nikkei builds on last week's gains, Italy eyed  xchrom   Dec-05-11 07:24 AM   #28 
  - China Signals Reluctance to Rescue E.U. MUST READ  Demeter   Dec-05-11 06:45 AM   #17 
  - +1  xchrom   Dec-05-11 07:24 AM   #29 
  - Mort Zuckerman: How to tackle America’s lost decade  Demeter   Dec-05-11 06:46 AM   #18 
  - PRECIOUS-Gold dips, investors cautious before euro zone summit  xchrom   Dec-05-11 07:28 AM   #30 
  - The Absurd Zombie Lie About the Economy Right-Wingers Desperately Cling To --  xchrom   Dec-05-11 07:35 AM   #32 
  - +1 n/t  Hotler   Dec-05-11 09:49 AM   #53 
  - south asia: India in bind, may delay coming of foreign retail  xchrom   Dec-05-11 07:38 AM   #33 
  - India may face its worst financial crisis in decades as rupee retreats  xchrom   Dec-05-11 07:47 AM   #35 
  - Sensex down 41pts on profit-booking despite firm global trend  xchrom   Dec-05-11 07:49 AM   #36 
  - Gold ends steady in thin trade, silver up on industrial demand  xchrom   Dec-05-11 07:51 AM   #37 
  - Biden: US 'stands in solidarity' with Greece  xchrom   Dec-05-11 07:44 AM   #34 
  - World on brink of one more recession, says UN  xchrom   Dec-05-11 08:17 AM   #44 
  - Euro zone and China signal sharp global slowdown  xchrom   Dec-05-11 09:03 AM   #45 
  - Chuckle for the day.  Fuddnik   Dec-05-11 09:48 AM   #51 
  - I have no hope. I see no future. eom.  Hotler   Dec-05-11 09:57 AM   #54 
  - Fudd!!!!!  AnneD   Dec-05-11 10:39 AM   #57 
     - You're confusing turkeys with Pennsylvanians.  Fuddnik   Dec-05-11 11:53 AM   #60 
        - Thems wasn't seagulls  Po_d Mainiac   Dec-05-11 01:14 PM   #64 
           - You guys have me in stitches...  AnneD   Dec-05-11 03:21 PM   #67 
  - Morning Marketeers....  AnneD   Dec-05-11 10:28 AM   #56 
  - kicking. n/t  Hotler   Dec-05-11 11:28 AM   #58 
  - NOW it's snowing  Demeter   Dec-05-11 02:04 PM   #65 
  - We had snow thurs-Sun. It's only about 5 degrees out now...  Hotler   Dec-05-11 05:01 PM   #73 
  - @BloombergNews - S&P said to place all 17 euro nations on rating downgrade watch  DemReadingDU   Dec-05-11 02:26 PM   #66 
     - S&P Statement  DemReadingDU   Dec-05-11 03:40 PM   #68 
        - Good thing Geithner is on his way over there.  Fuddnik   Dec-05-11 03:48 PM   #69 
        - What is it girl...  AnneD   Dec-05-11 04:13 PM   #70 
           - While someone else has tunneled into the well and is removing the cash  plumbob   Dec-05-11 04:37 PM   #71 
              - That is next weeks episode....  AnneD   Dec-06-11 07:59 AM   #75 
        - Stand back! This festering sore is about to pop. eom.  Hotler   Dec-05-11 05:04 PM   #74 

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