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Italian Minister weeps as nation forced to curb spending.

Italy borrowed and borrowed until their national debt greatly exceeded their GDP. Now they have to borrow just to pay the interest. Meanwhile massive taxes have driven much of the economy underground, so fewer and fewer citizens are actually reporting their full income. (Think California) In order to receive another $30 Billion in loans, the government is required to make changes.

Italy’s retirement ages are 65 for men and 60 for women. These will be raised to 68 and 63. Early retirement will be raised from 62 to 65 and four months.

Property Tax Increase. (First time home buyers will lose their exemption from a tax on home purchases.)

To crack down on tax evasion, cash transactions over 1,000 Euro will be illegal.

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Italians will suffer because they allowed government to run wild – as government always does when it is not on a short leash.

In La Casta (The Castle), Italian authors Sergio Rizzo and Gianantonio Stella document the pervasive government corruption in that country.

For instance, the book reveals that the president’s headquarters costs four times as much as Buckingham Palace and the Italian Parliament building is the costliest in Europe, roughly 10 times more than that of Spain.

Italian members of parliament are paid three times as much as their counterparts in France and perks include chauffeured bullet-proof cars, bodyguards, discounted air travel, and even individual tennis coaching. Members of Parliament enjoy a number of extra-legal privileges not available to commoners.

Italians are legendary for their ability to avoid taxes. Much of the economy runs below the radar screen in a pervasive black market. Super Mario and the EU boys are determined to put a stop to this.

The banksters were more than happy to help corrupt Italian politicians borrow billions in order to continue their big government habits. Instruments developed by Goldman Sachs, JPMorgan Chase and many other banks enabled politicians to mask additional borrowing and crank up the debt to astronomical levels average Italians will now be forced to pay off.

Incidentally, Super Mario the Bilderberger and Goldman flunky said he would give up his salary. I’m sure that will make Italian pensioners feel better.