 | Search: |
Italian PM Accelerates Austerity Plans
| International News by Staff ReporterFor a 20-billion euro austerity package aimed at averting disaster in Italy
Italian Prime Minister Mario Monti has accelerated plans to have a 20-billion euro austerity package approved and halt the increasingly concerning euro zone crisis.Monti rescheduled a cabinet meeting to take place on Sunday, a day earlier than had been arranged, to discuss tax increases and spending cuts after meeting with party leaders and unions.
Among the measures included in the plan are increasing income tax for higher income brackets, raising the retirement age, liberalisation of professional services and the introduction of new taxes on private assets and housing.
According to unions poorer workers and pensioners would be hardest hit by the cuts which are expected to be approved before the end of this year.
Emma Marcegaglia, head of Italian employers’ lobby Confindustria, said the choice was between adopting tough austerity measures and beginning the euro rescue, or Italy not being able to stand on its own feet.
“And we risk the collapse of the euro,” she added.
European leaders will meet on Thursday and Friday in Brussels to discuss and agree on a broader rescue plan.
Source: www.bizpremises.co.za
Article Tools
 Print Article |
 Email Article |
|
Share this article 
 | |
More International |
 Auctions |
 Calculator |
 RSS |
 |
 Map Search |
 Info |
 Mobile |
|
© bizpremises 2004-2010 | Sitemap | Advertising | About Bizpremises | | |||||||