Commissioner Italy must raise cash. And she has to do it fast. In these hours, the Government is developing new measures to correct the budget package approved just a month ago and bring forward the balanced budget from 2014 to 2013. There is no choice: obeying the orders of the ECB is the only way to shield the country from speculation.
The Treasury technicians have already set to work, summoned urgently by Giulio Temonti. Their task does not only include a revision of the times: they will also have to find a way to raise another 25 billion in the next two years. At the end of these frenetic clacles, probably between the 15th and 20th of the month, an unusual August Council of Ministers will finally be convened to issue the decree.
The first certain news on the path chosen by the Executive will come directly from the superminister of the Economy, who this afternoon he will meet the social partners at Palazzo Chigi and tomorrow he will report to the Chamber before the parliamentary commissions. For the moment we remain on the terrain of hypotheses. Two basic ones:
NEW INTERVENTIONS ON PENSIONS
The advance to 2013 of the welfare-social security delegation could contain new measures on social security. A new sting for the pockets of Italians, which however would limit cuts to welfare. In particular, there are three measures on the table:
– cancellation of old-age pensions
– anticipation from 2013 to 2012 of the adjustment to life expectancy of the retirement age, which will rise by three months
– raising the retirement age for women in the private sector before 2020 (deadline envisaged in the package).
To implement measures of this type, the Government will have to overcome the opposition of the three confederal trade unions, which have already promised battle, and above all of the Carroccio. “As long as the League exists, pensions don't touch each other”, thundered Umberto Bossi from the columns of Padania.
INTRODUCTION OF THE BALANCE SHEET
There are two possible options on this front:
– a new surcharge on the ICI for second homes, for a potential revenue of 6-7 billion euros
– the taxation of financial income at 20%, with the exclusion of government bonds.
The proposal made by Assonime at the end of June could also be taken into consideration. The association of the major listed companies had suggested implementing a light wealth tax, of one per thousand, on natural persons. The revenue obtainable would be nine billion a year.
It is not excluded that the Government will adopt another measure already indicated by Assonime: the transition from direct to indirect taxation through the reduction of Ires and Irap and the simultaneous increase in VAT.
