Save Italy Explained

Save Italy is the name of the economic recovery plan Italian Prime Minister Mario Monti.[1] The package of fiscal adjustments is worth €30 billion ($40 billion) over three years, and includes tax increases, pension cuts, stronger protection against tax evasion, and an increase in the retirement age.[2] The reform package is meant to reduce debt, balance the budget and increase investor confidence.

Monti, a technocrat who replaced Silvio Berlusconi as Prime Minister, said the plan was necessary to prevent the economy of Italy from becoming like Greece.[3]

Notes and References

  1. News: The new prime minister pleases markets but spooks the people. economist.com. December 10, 2011. April 5, 2012. May 18, 2012. https://web.archive.org/web/20120518044855/http://www.economist.com/node/21541460. live.
  2. News: Italy's Prime Minister $40 Billion 'Save Italy' Plan. National Public Radio. December 5, 2011. April 3, 2018. March 4, 2016. https://web.archive.org/web/20160304070602/http://www.npr.org/2011/12/05/143131916/business-news. live.
  3. News: Armitstead. Louise. 'Save Italy' plan pulls bonds back from brink. telegraph.co.uk. 5 December 2011. 3 April 2018. 26 June 2012. https://web.archive.org/web/20120626000550/http://www.telegraph.co.uk/finance/financialcrisis/8936561/Save-Italy-plan-pulls-bonds-back-from-brink.html. live.

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