Italy Agrees on $65 Billion in Austerity Measures |
| New York Times - Aug 12, 2011 |
Scrambling to fend off a sovereign debt crisis, the Italian government on Friday approved $65 billion in additional emergency austerity measures over the next two years, including tax increases and cuts to local government in an effort to balance the budget by 2013.
The government was responding to demands by the European Central Bank, which last week began buying Italian bonds, driving down Italy’s borrowing costs. But it did so on the condition that Italy make significant changes, including liberalizing its labor market and closed professions, privatizing state industry and adjusting its pension system.
After an emergency cabinet meeting on Friday, Prime Minister Silvio Berlusconi announced the new measures, which include raising the capital gains tax to 20 percent from 12.5 percent, except for government bonds; eliminating several nonreligious national holidays; and cracking down on businesses that do not give receipts.
Read Full Article from New York Times
- Posted: 2011-08-12 21:57:41
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