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Monti pledges (EURO)4.2 billion in spending cuts

Monti pledges (EURO)4.2 billion in spending cuts

Italian Premier Mario Monti says Italy will make (EURO)4.2 billion ($5.5 billion) in cuts in state spending over the next six months to avoid raising sales taxes.
Monti told journalists after a Cabinet meeting Monday on the nation's financial crisis that he hopes to avoid hiking the national sales tax from 21 to 23 percent in October by eliminating wasteful spending. He said measures may include putting unused government properties up for sale.
He gave the task of deciding what cuts are carried out in which ministries to Enrico Bondi, the Italian turnaround expert who helped restructure the Parmalat dairy empire after its collapse in fraudulent bankruptcy last decade.


Updated : 2020-12-02 16:12 GMT+08:00