Monti to Parliament: No Alternative
Premier Mario Monti is telling Italian lawmakers there is “no alternative” but to pass his government’s anti-crisis package of new taxes, pension reform and growth measures.
Mario Monti … his cabinet will pursue €30 billion of austerity and growth measures. Photo: AFP
Italy’s new leader said Europe and the world are focusing their attention on Italy and on Parliament to do what is necessary to avoid financial disaster.
Monti is laying out his rescue formula, calling on the nation to make sacrifices, in a speech to the Chamber of Deputies Monday afternoon.
The non-elected government of Monti, an economist, and technocrats depends on Parliament’s political parties to get the measures approved quickly.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.
ROME (AP) — Italy’s new premier began trying to persuade a skeptical Parliament that his new plans to cut spending and boost growth will return Italy’s ailing economy to health, as Europe entered a crucial week for the survival of the 17-nation euro currency.
Premier Mario Monti was briefing both Parliament chambers Monday on the package, which includes euro30 billion ($40.5 billion) in spending cuts and tax hikes and euro10 billion ($13.5 billion) to boost Italy’s anemic growth.
Monti’s government agreed Sunday to slap taxes on primary residences and luxury goods like yachts, high-performance cars and private airplanes, increase the age at which retirees can draw full pensions, trim the cost of Italy’s political class and give incentives to companies that hire women and young workers.