Italian Prime Minister

September 20, 2013

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The goal is to move from a deficit of 3.9 percent this year to another 1.4% in 2012. It also aims to soothe restlessness in markets. It is afteracquired with a 5% income per year that exceed the 90,000 euros and with a 10% exceeding 150,000 euros. The Italian Government on Friday at an extraordinary Council of Ministers approved a new plan of budgetary adjustment of about 45,500 million euros, which aims to ease the concern of the markets on the situation faced by the country’s public finances. With this package, which includes both as tax-saving measures, the Executive expects sanitized accounts of Itali a, whose public debt exceeds 120% of GDP, and thus achieve budgetary balance by 2013. A text in line with the demands made in Italy by the European Central Bank (ECB) in exchange for the purchase of its public debt to relieve the pressure of the markets on the country, said the Italian Prime Minister, Silvio Berlusconi, during the press conference after the meeting. Is expected that said adjustment reach 20 billion euros in 2012 and 25,500 billion in 2013, in a performance that will get resources mainly from spending cuts, as explained by the Italian Minister of economy, Giulio Tremonti, in the same appearance before the media. With this new package of measures, the Government aims to move from a deficit of 3.9 percent expected for this year, another 1.4% in 2012, prelude to a balancing of accounts in 2013. The package, approved in Decree law by the Council of Ministers, will now turn to Parliament for ratification and, according to Italian media, could reach the Senate on 22 August. Berlusconi underlined that it was not necessary to submit the text to a matter of trust during the parliamentary proceedings, in accordance with the wish expressed by the President of the Republic, Giorgio Napolitano, to be able to maintain a debate open to all political forces.