Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Silvio Berlusconi alongside his finance minister Giulio Tremonti in parliament earlier this month. AP Photo/Gregorio Borgia

Berlusconi holds emergency meetings over Italian budget crisis

Italian national debt has risen above €1.9 trillion for the first time.

ITALIAN PREMIER Silvio Berlusconi’s government is holding an emergency meeting today to approve new measures to balance the budget by 2013 and calm market concerns over Italy’s public finances.

Rome passed a €70 billion austerity package last month, but the government has said that the financial situation has deteriorated significantly since then. Under intense pressure from the ECB and other international leaders, the government agreed to bring forward its goal of balancing the budget in 2013 instead of 2014 as originally planned.

Retirement, holidays and the ‘cost of politics’

Finance Minister Giulio Tremonti told lawmakers yesterday that possible measures include privatising local services, raising the tax on capital gains, immediately raising the retirement age for women in the private sector, and relegating non-religious holidays to Sundays to increase productivity.

He is seeking to ease Italy’s rigid labour-market laws and reduce the so-called “costs of politics” — the political elite’s generous salaries and perks — not just in Rome but in local governments — which has enraged Italians.

But the government must also try to stimulate Italy’s stagnant economy — it is expected to grow only by about 1 percent this year. And while Italy’s debt is among the highest in the eurozone — at nearly 120 percent of GDP — poor growth is viewed by many as the overriding issue.

Italy’s Central Bank on Friday said public debt topped €1.9 trillion for the first time in June.

The government has been holding feverish talks ahead of the cabinet meeting, scheduled for this evening, in an effort to put the measures into force before the traditional mid-August vacation when much of Italy shuts down. It has also been meeting with business leaders and unions.

Responding to increasing market nervousness, last week members of key lawmaking committees were called back from its summer recess.

Tremonti’s presentation to lawmakers yesterday failed to convince some of his own allies, in a sign of possible rifts within the coalition. The opposition accused Tremonti of being too vague, and insists Berlusconi must resign.

Read: What is ‘short-selling’ – and has it made any difference to the markets? >

Read: Stuck in a rut: French economy records zero growth >

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Close
3 Comments
    Install the app to use these features.
    Mute Quinny
    Favourite Quinny
    Report
    Jun 30th 2024, 4:22 PM

    Adeleke is a Superstar, I’m looking forward to seeing her in the Olympics.

    335
    Install the app to use these features.
    Mute Sergio Reddan
    Favourite Sergio Reddan
    Report
    Jun 30th 2024, 4:33 PM

    @Quinny: yes she is amazing but let’s put this in perspective : 11.33 is the 184th fastest time this year / she still has a good bit to go to be in contention for an Olympic medal at 100m

    55
    Install the app to use these features.
    Mute Shaun Gallagher
    Favourite Shaun Gallagher
    Report
    Jun 30th 2024, 5:13 PM

    @Sergio Reddan: She is not taking part in the 100m in Olympics. It’s not her event

    111
    See 3 more replies ▾
    Install the app to use these features.
    Mute airedezamba
    Favourite airedezamba
    Report
    Jun 30th 2024, 5:31 PM

    @Sergio Reddan: I think there is a typo…it shd be 11:13

    13
    Install the app to use these features.
    Mute Sergio Reddan
    Favourite Sergio Reddan
    Report
    Jun 30th 2024, 5:41 PM

    @Shaun Gallagher: my bad

    9
    Install the app to use these features.
    Mute Kevin Dillon
    Favourite Kevin Dillon
    Report
    Jun 30th 2024, 9:51 PM

    @Sergio Reddan: she is running the 400m in the Olympics and is one of the favourites. Hopefully she’ll go a bit better than her fourth place in the world champs.

    12
    Install the app to use these features.
    Mute Philip Johnson
    Favourite Philip Johnson
    Report
    Jun 30th 2024, 4:59 PM

    She is something else delighted for her and all her hard work prevailing keep it up so proud of you

    144
    Install the app to use these features.
    Mute Robert Halvey
    Favourite Robert Halvey
    Report
    Jun 30th 2024, 4:52 PM

    When one takes into account it’s the 400 meter race that she is her natural distance . The fact that she now holds the irish record in the 100,200 and 400 meter races is class

    148
    Install the app to use these features.
    Mute Ray Buckley
    Favourite Ray Buckley
    Report
    Jun 30th 2024, 6:47 PM

    What a woman , fantastic achievement .

    85
    Install the app to use these features.
    Mute Niall Murphy
    Favourite Niall Murphy
    Report
    Jun 30th 2024, 5:42 PM

    A fantastic athlete, roll on the Olympics and medal(s).

    78
    Install the app to use these features.
    Mute Fergus O'Donnell
    Favourite Fergus O'Donnell
    Report
    Jun 30th 2024, 6:44 PM

    She’s brilliant!

    77
    Install the app to use these features.
    Mute john kenny
    Favourite john kenny
    Report
    Jun 30th 2024, 7:08 PM

    Delighted for her. Great turnout for the games to watch our Irish superstars . Roll on Paris.

    69
    Install the app to use these features.
    Mute denis silver
    Favourite denis silver
    Report
    Jun 30th 2024, 4:27 PM

    Waits on the closure of the thread and comments like she’s not even Irish from the usual

    41
    Install the app to use these features.
    Mute Brian I
    Favourite Brian I
    Report
    Jun 30th 2024, 4:43 PM

    @denis silver: why would you then proceed to be the first to bring it up, absolutely pointless.

    221
    Install the app to use these features.
    Mute denis silver
    Favourite denis silver
    Report
    Jun 30th 2024, 4:52 PM

    @Brian I: except I wasn’t the first as someone said great to see all the Irish names

    31
    See 4 more replies ▾
    Install the app to use these features.
    Mute another one? what's going on is the semi state sec
    Favourite another one? what's going on is the semi state sec
    Report
    Jun 30th 2024, 6:48 PM

    @Brian I: They’ve been reported and removed by the mods

    18
    Install the app to use these features.
    Mute Sarah O'Sullivan
    Favourite Sarah O'Sullivan
    Report
    Jun 30th 2024, 8:30 PM

    @denis silver: Why even mention that nonsense? Stop giving it oxygen!

    29
    Install the app to use these features.
    Mute Kevin Dillon
    Favourite Kevin Dillon
    Report
    Jun 30th 2024, 9:53 PM

    @denis silver: DYK

    3
    Install the app to use these features.
    Mute Patrick K
    Favourite Patrick K
    Report
    Jul 1st 2024, 12:55 AM

    @denis silver: looks like your the only one of them creeps on here

    12
    Install the app to use these features.
    Mute Patrick O'Leary
    Favourite Patrick O'Leary
    Report
    Jul 1st 2024, 12:34 AM

    She’s pretty phenomenal.

    21
    Install the app to use these features.
    Mute Padraig O'Brien
    Favourite Padraig O'Brien
    Report
    Jul 1st 2024, 12:40 AM

    Different class!

    18
    Install the app to use these features.
    Mute bernadette gleeson
    Favourite bernadette gleeson
    Report
    Jul 1st 2024, 10:34 AM

    She is a great girl, representing her country so well.

    8
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.
JournalTv
News in 60 seconds