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In-Briefs

Italy: Rome Reevaluates New Austerity Measures Following Strike

December 14, 2011
| Economics
| Europe

Italy’s new Prime Minister Mario Monti proposed changes to Italy’s austerity measures yesterday after a strike by Italy's three largest unions, Italian General Confederation of Labour (CGIL), Italian Confederation of Trade Unions (CISL) and Italian Labour Union (UIL) December 12 . . . more strikes by public sector unions are scheduled for tomorrow, Friday, next Monday . . . the changes to the austerity measures include weakening reforms to the pension system, reintroducing a property tax that had been abolished under Silvio Berlusconi . . . however the amended plan does eliminate a planned wealth tax . . . the lower house of parliament is expected vote on the measures later this week, followed by the Senate next week . . . Monti is finding it difficult to build political support in the legislature . . . political division and union pressure will likely increase, leaving Monti with a weak legislature that may be unable to implement the full extent of his proposed austerity measures.

  
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