ROME, Sept 24 (Reuters) – Italy’s latest economic forecasts
reveal how little progress has been made to fix its finances and
restore growth since Silvio Berlusconi was forced from office at
the height of the euro zone debt crisis in November 2011.
With bond yields soaring, Berlusconi bowed to a demand by
the European Central Bank that Italy balance its budget in 2013
rather than 2014 as planned, to try to convince markets it could
curb a huge public debt then equal to 120 percent of output.
ROME, Sept 20 (Reuters) – Italy cut its forecasts for the
economy on Friday and pledged to correct a budget deficit that
is set to overshoot EU limits as coalition in-fighting threatens
the government’s ability to make reforms needed to spur growth.
Prime Minister Enrico Letta told reporters the tensions
which are undermining the stability of his broad left-right
administration would have to end for it to counter a prolonged
recession and consolidate Italy’s strained public finances.
ROME (Reuters) – Italy’s government will slash its forecasts for economic growth and raise its projections for the fiscal deficit and public debt when it issues new forecasts on Friday, according to officials and leaked documents.
According to the new figures, to be released after they are approved at a cabinet meeting, gross domestic product will shrink by around 1.7 percent this year, down from a forecast of -1.3 percent made in April. The meeting starts at 0800 GMT.
ROME (Reuters) – Italian industrial output was much weaker than expected in July, falling 1.1 percent and pouring cold water on hopes that the country might emerge from its longest post-war recession in the third quarter.
After moderately encouraging recent signs from business and consumer sentiment indicators, July’s industrial output, which posted the steepest fall since November last year, was the first important piece of hard data relating to the third quarter.
ROME (Reuters) – Italy, which three months ago got off the European Union’s blacklist of countries with excessive fiscal deficits, may be put straight back on it next year unless it can reverse a worrying trend in its public finances.
Enrico Letta’s government has been forced to respect the tax cutting promises of Silvio Berlusconi’s People of Freedom Party (PDL), a vital part of the ruling coalition, while a deeper than expected recession is also weighing on state accounts.
ROME (Reuters) – Former Prime Minister Silvio Berlusconi was the mastermind behind a complex system of tax evasion by his holding company Fininvest, Italy’s highest appeals court said on Thursday.
The Court of Cassation, which published the reasons for its decision earlier this month to uphold Berlusconi’s conviction for tax fraud, pulled no punches in a 208-page document which dismissed all the media tycoon’s arguments in his defense.
Pope Francis told the Italian and Argentine football teams on Tuesday that he could not decide who to back in their friendly match on Wednesday, but he urged them to set a good example in their behaviour on and off the field.
ROME (Reuters) – Italy’s economy shrank less than expected in the second quarter, adding to signs its longest post-war recession is bottoming out, but a simmering political crisis could yet derail the tentative recovery.
Gross domestic product marked its eighth straight quarter of contraction, dropping 0.2 percent on the quarter and 2.0 percent an annual basis, national statistics bureau ISTAT said on Tuesday.
ROME (Reuters) – Italy’s economy shrank by less than expected in the second quarter, adding to recent signs its longest post-war recession is bottoming out but still marking the eighth consecutive quarter of contraction.
Gross domestic product fell 0.2 percent following a 0.6 contraction in the first three months, and dropped 2.0 percent on an annual basis, national statistics bureau ISTAT reported on Tuesday.
ROME, July 4 (Reuters) – Italy’s recession-bound economy
should begin to recover from the end of this year but its growth
outlook remains weak and Enrico Letta’s government must
accelerate its reform efforts, the International Monetary Fund
said on Thursday.
At the end of annual consultations with Italy, the IMF said
the euro zone’s third largest economy would contract by 1.8
percent this year, worse than its previous projection of a 1.5
percent fall in output.