Gavin's Feed
Sep 26, 2013

Italy’s divided coalition to seek to plug budget hole on Friday

ROME (Reuters) – Italy’s fractious coalition government will try to work out on Friday how to avert a planned rise in sales tax while reining in a budget deficit which is overshooting European Union limits.

Silvio Berlusconi’s People of Freedom party (PDL), a key partner in Enrico Letta’s fragile left-right coalition, has threatened to bring down the government unless it abandons the sales tax hike, due to take effect in October.

Sep 24, 2013

New Italian targets show lack of progress since Berlusconi’s fall

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.

Sep 20, 2013

Italy cuts growth outlook, frets over instability

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.

Sep 19, 2013

Italy to slash GDP forecasts on Friday, hike debt, deficit

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.

Sep 12, 2013

Italy industry output dives, dampening recovery hopes

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.

Sep 5, 2013

Italy finances slipping as political crisis brews

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.

Aug 29, 2013

Berlusconi masterminded tax evasion plan, Italian court says

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.

Aug 13, 2013
via FaithWorld

Pope Francis has divided loyalties in Italy-Argentina soccer match

Photo

(Pope Francis (R) is greeted by Inter Milan captain Javier Zanetti during their private audience in Vatican April 25, 2013. Picture taken April 25, 2013. REUTERS/Osservatore Romano)

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.

Aug 6, 2013

Growth data offers Italy hope, but political crisis rumbles

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.

Aug 6, 2013

Italy recession drags on but GDP falls less than expected

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.