06 December 2011

ITALY / EUROZONE : New Austerity Measures Send Minister Into Tears.

                                         ENEWS 1:39 Video

     Welfare Minister Elsa Fornero broke into tears at a news conference about planned austerity changes...to save E20bn...eliminate Italy's budget deficit by 2013...and remove bond market pressures.
     New technocrat PM 'Super' Mario Monti had suggested the measures be called 'Save Italy'.
     According to AFP...new polls show a majority backs Monti's plans...though 70% said they are 'unfair'.
    In describing the many changes...Fornero was unable to finish and use the word 'sacrifice.'
    Italy will raise the minimum retirement age for women and men to equity at 66 by 2018...and abandon annual inflation adjustments for many pensions...and base them on number of years not last salary.
    There will also be a crackdown on tax evasion...an unpopular property tax will be re-introduced...and the VAT will be raised by 2 pts to 23% in September.