Tuesday, August 30, 2011

Italy backtracks on tax increases

Having spent considerable amounnts of time in Italy at one time I always doubted whether implementation of the bold tas reforms recently envisaged would ever be likely to be achieved. My view was that it was a charade put on for the benefit of the northern nations who were their partnes in the common currency.

Even I have been somewhat taken back, however, that even while still in August and therefore before most Italians shake off the sloth of the summer holidays and heat, some of the more difficult tax proposals have already been abandoned, read the Reuters report from here. The BBC this morning is announcing that the so-called "solidarity tax" on higher workers has been given up completely!

The bond sale later today, mentioned last evening, must now become even more interesting!

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