Italy announces €30 billion budget plan

December 5, 2011 § Leave a comment

This Just In

Italy’s new prime minister late Sunday proposed €30 billion ($41 billion) in new taxes and spending cuts over two years, including reductions to future pensions, in an effort to end a budget crisis that has clouded the future of Europe’s common currency.

About €20 billion would come from cuts, including major changes to how Italian workers’ pensions are calculated and a one-year increase in retirement ages, Prime Minister Mario Monti announced Sunday night. Italian workers also would see their pensions based on their entire working life, rather than the last three years — a move that could cut the average retiree’s pension by about €100 ($135) per month.

The rest of the package involves a 1.5% tax on financial transactions, a new tax on high-end boats, cars and planes, efforts to crack down on tax evasion and a bid to boost the Italian economy by rebuilding infrastructure.

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