Lunedì, 15 Ottobre 2018
ROME

Italian government outlines 'Stability Law'

English
© ANSA

(ANSA) - Rome, October 9 - Italian ministers outlined the
government's "Stability Law" to regional and local government
representatives at the premier's offices in Rome on Tuesday.
The bill aims to plug public spending holes without
resorting to a new increase in the value added tax (VAT) and to
provide financial support for people left bereft of pensions by
recently drafted pension reforms, among other objectives.
The law would reallocate 10 to 12 billion euros, 6.5
billion of which are required to avoid the VAT increase.
The necessary funds will be mustered from spending cuts
outlined in last summer's Spending Review - a decree aimed at
slashing 26 billion euros from the budget, through the
implementation of a Tobin Tax on investment-trading
transactions, and moneys derived from Italian laws scuppered by
the European Union, Italian Economy Minister Vittorio Grilli
told meeting participants.
Grilli vowed that the Stability Law would not amount to new
austerity measures.
On the contrary, "The Stability law has objectives that
require additional resources to finance them," Grilli said.
"We are not aiming for cuts, but for reorganization," said
Andrea Riccardi, minister for cooperation, while entering the
premier's office for a cabinet meeting.
Nevertheless a draft of the Stability Law cuts 1.5 billion
euros from the 2013 health budget.
It freezes public workers' contracts through 2013 and 2014,
and forces them to forgo paid vacations outlined in their
contracts.
It bans government acquisition of new real estate, halts
its purchase or leasing of new vehicles, restricts computer
consulting and furniture expenses.
It also doubles the sacrifices expected of Italy's five
autonomous regions - like Sicily and Sardinia - slashing state
funds to those regions by two billion euros instead of one
billion as previously planned.
Grilli, Premier Mario Monti, Deputy Premier Antonio
Catricala' and turnaround guru Enrico Bondi - who resurrected
Parmalat from fraudulent bankruptcy - represented the
technocratic government at the meeting.
Earlier in the day, Susanna Camusso, secretary-general of
the powerful union confederation CGIL, threatened a general
strike if the Stability Law did not address work or earnings.

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