Tuesday, December 6, 2011

Mario Monti unveils austerity package for Italy


Italian Prime Minister Mario Monti, takes a 30-billion "Save Italy" austerity package to Italy's parliament on Monday to help stem a debt crisis threatening to overwhelm the euro zone. The package aims to raise more than 10 billion ($13.4 billion) from a new property tax, impose a new tax on luxury items like yachts, raise value-added tax, crack down on tax evasion and bring forward measures to increase the pension age. 

The cabinet approved the mix of tax rises, pension reforms and incentives to boost growth in a three-hour meeting on Sunday, opening one of the most crucial weeks since the launch of the euro more than a decade ago.

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