Slash and Burn; Italy's Fiscal Austerity  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 395 no. 8684 (May 2010), page 52-53.
Topik: Budgeting; Government Spending; Economic Policy; Budget Deficits; Debt

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.63 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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For over a year, Silvio Berlusconi has been claiming that the Italian economy was not as badly affected by the global crisis as others (even though GDP shrank in 2009 by more than in France, Spain and Britain). It is testimony to Berlusconi's salesmanship that he was widely believed. Even more impressively, his government has persuaded the financial markets that there is no problem with Italy's public accounts, despite having a primary budget deficit (ie, before interest payments) and the euro zone's biggest public debt. On May 24, 2010 the IMF gave Italy's management of its finances a positive assessment. So it came as a shock to many Italians to hear just hours later from Berlusconi's close adviser, Gianni Letta, that a long-denied emergency budget would include "very heavy, very tough sacrifices" to save Italy "from the Greece risk". For the opposition, the fiscal cuts unveiled two days later, worth EUR 24 billion ($29 billion) over two years, were an admission that the underlying situation was worse than had been admitted.

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