Italy Details EUR24bn Fiscal Package

Following the Italian Treasury’s report earlier this month that the maintenance of Italy’s promise to the European Union to reduce its fiscal deficit would require additional budgetary funds, the government has introduced a fiscal package amounting to EUR24bn (USD39.5bn) over the next two years.

Given the current difficult European financial situation, the government believes that it should keep strictly to its original commitments, to reduce the public deficit to below 3% by 2012. With the country’s recovery still fragile, however, the government actions have been concentrated on reducing its expenditure and continuing measures against tax evasion, rather than increasing taxes.

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