- CNTV English - CCTV News

Italy launches new emergency austerity plan

12-05-2011 14:48 BJT

Watch Video

Play Video

Italian Prime Minister, Mario Monti, has unveiled a 40 billion U.S. dollar austerity package. The plan includes raising taxes and increasing the pension age, and are part of a drive to shore up Italy's strained finances and stave off the debt crisis.

Monti says the package is painful but necessary, and he will give up his own salary as part of the effort. Under the austerity plan, Italy will raise the minimum pension age for women and men to 66 by 2018, and will scrap annual inflation adjustments for many pensions.

European and U.S. leaders fear the shock waves from any Italian debt default could trigger a financial and economic meltdown in Europe and push the global economy into recession.

Mario Monti said, "I take this occasion, even if this is not part of the measures adopted today, to say that, considering the role of the real economy and the role of finance, that we do not intend to demonize, I think we need to seek a better balance between real, productive economy and financial economy. I have initiated a reconsideration of Italy's position within Europe, moving more in favour of the proposal of taxing financial transactions, as already France and Germany consider a necessary step."



Editor:Liu Fang |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program