Italy - budget bill approved, growth to be boosted

Note: This section contains information in English only.
Source: Bloomberg
© Scanpix/AFP
A set of growth-facilitating measures were approved by Italian Senate today, including privatization of public real estate, changes in taxation and potential reforms in order to ease bureaucracy. PM Berlusconi has promised to step down as soon as the document package is passed through the lower house, where the budget bill is scheduled for scrutinizing on Saturday.

Senate approved significant 2012 budget amendments in a vote of 156 vs 12. This vote was a result of pressure from both Napolitano, president of Italy, and EU officials, forcing Italian government to take measures. Budget revision steps have also been partly supported by Berlusconi's coalition. Napolitano is expected to name Mario Monti as head of temporary government.

As Italian banks have a large exposure to Italian bonds, government is planning acquisition of private real estate thus relieving pressure from financial institutions. Changes in taxation are also projected, e.g. wealth tax, in order to ease country's EUR 1.9T debt .
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Fri, 11 Nov 2011 16:32:47 GMT

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Yields on 10-year Italian bonds achieved 7.28%; rate considered as unsustainable. Concerns about Italy's debt crisis grew impacting the global economy. Asian stock market indexes fell-Japan's Nikkei index dropped by 2.9% while Hong Kong's Hang Seng index decreased by 5.3%. European market proved to be more resilient-Germany's DAX index increased by 0.22%, and the French CAC 40 index went up by 0.4%.

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