6 points of GDP and return of 5 this year to 3

The Berlusconi Government has finally announce the colour to the Italians last night, after a Council of outstanding Ministers devoted to the plan of budgetary rigour: going to have to make "very heavy sacrifices." Alarmism abruptly seized Rome, the international monetary Fund (IMF) holding the Italy "vulnerable" because of public debt at around 1,800 billion euro since April and before 118,4 of GDP end of 2010, is the fourth largest in the world behind the Japan, the Iceland and the Greece. In addition, the injunction of the European Commission to return to the nails of the Maastricht Treaty as quickly as possible correctly the phlegm of the Executive. The Italy will have to save more than 27 billion euros, to reduce its public deficit of 1.6 points of GDP and return of 5 this year to 3.9 next year then 2.7 the following year. The austerity plan adopted yesterday provides a first clamping of belt from 2010, in the form of a budgetary collective will redeploy appropriations EUR 3 billion... pending two towers of additional screws of 12 billion euros each, for 2011 and 2012, requiring the Government to correct his act of triennial programming.

More tax controls

In terms of cuts in government spending (two thirds of the plan), the Government has made the choice at the time of plane. The budgets of the departments will decrease by 10, which will result in the removal of a decade of public institutions. The State will reduce from 10 billion its transfers to local and regional authorities and asked regions find 2.2 billion savings, including 500 million in health, primary sector under their jurisdiction. In the public service, wages will be blocked for three years and frozen hiring.

Private sector, the departures in retirement will be delayed, to save EUR 2.7 billion. Silvio Berlusconi also left convince reduce the treatment of his ministers. However, if Treasury hoped to impose a 15 decline, the thinness of the members of the Government plan will be limited to 10 and apply that beyond 80,000 euros in salary. Directors of administration, they will be subject to a 5 effort if their salary is between 90,000 and 130,000 euros, 10 beyond. Spending in service cars, on the other hand, must blend of 20.

The other chapter relates to revenue (a third of the plan). Ask to require households to "put the main portfolio", explained Giulio Tremonti. One of the surprise measures concerning stock options and bonuses: they will be beaten to a 10 additional tax. Similarly, hotels in Rome will have to pay a tax of 10 euros. The rest will be obtained by an intensification of the fight against fiscal fraud ("Les Echos" from May 21). The cadastre will undergo an operation truth, to identify all illegal constructions that escape property taxes. The Government expects of 1.4 billion.

For the income tax, the tax authorities will further monitor the adequacy of expenditure of taxpayers with declared income. It will be now forbidden to pay in cash any higher than 5.000 euros purchase (against EUR 12.500 currently). The CGIL, first Union of the country, it is an unjust plan, because "the bulk of the sacrifice is asked to employees". On the left, the leader of the Democratic Party, Pierluigi Bersani, criticizes the majority not to tackle "structural" problems of the Italy.