December 4th, 2011
05:52 PM ET

Italy announces €30 billion budget plan

Italy's new prime minister late Sunday proposed €30 billion ($41 billion) in new taxes and spending cuts over two years, including reductions to future pensions, in an effort to end a budget crisis that has clouded the future of Europe's common currency.

About €20 billion would come from cuts, including major changes to how Italian workers' pensions are calculated and a one-year increase in retirement ages, Prime Minister Mario Monti announced Sunday night. Italian workers also would see their pensions based on their entire working life, rather than the last three years - a move that could cut the average retiree's pension by about €100 ($135) per month.

The rest of the package involves a 1.5% tax on financial transactions, a new tax on high-end boats, cars and planes, efforts to crack down on tax evasion and a bid to boost the Italian economy by rebuilding infrastructure.

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Filed under: Economy • Italy
soundoff (22 Responses)
  1. Joey Isotta-Fraschini

    Cosa?
    La bambina di cui ho domandato qualcosa oggi, la Gay Suks?

    December 5, 2011 at 9:56 am | Report abuse |
  2. Joey Isotta-Fraschini

    Lui e' gran' putana. Gran' putana daver'.

    December 5, 2011 at 9:59 am | Report abuse |
  3. banasy©

    @JIF:

    I was referencing your 9:03 post.

    Non, ma fille m'a aidé avec l'italien. Mon français est un peu mieux.

    But not by much.
    But I agree with your 9:59 post.

    December 5, 2011 at 10:34 am | Report abuse |
  4. Joey Isotta-Fraschini

    Now watch as Italy falls into one of the biggest depressions it ever had. Back in the 1920's, Mussolini did bring Italy out one then, but then again, Mussolini for all his faults was a very competent leader which Italy today sorely needs!

    December 5, 2011 at 1:14 pm | Report abuse |
  5. banasy©

    @Joey Isotta-Fraschini @ 1:14:
    Your posts are boring.

    December 5, 2011 at 2:37 pm | Report abuse |
  6. Joey Isotta-Fraschini

    NOT JIF AT 1:14.
    NOT BANASY AT 2:37.

    December 6, 2011 at 7:03 am | Report abuse |
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