Italy finally managed to put together a plan of economic reform which will be presented at a meeting of the European Union this evening despite facing disapproval from the governing coalition partners. Europe’s third largest economy is now in the spotlight since Rome to issue bonds worth € 600 billion in the next three years to finance its funding needs.
Umberto Bossi, the Northern League leader who is also the governing coalition partners, said an agreement has been reached will the economic reform plan, but it’s up to the European Union to decide whether the plan is sufficient. “We have reached an agreement; now we wait for the reaction of the Union,” said Bossi. However, Bossi remains kepesimisan will affirm the continuity of the government of Prime Minister Silvio Berlusconi as he uttered his party’s lack of desire to Raise the retirement age. Europe previously have said the Italian retirement age should be increased considering the large burden of public debt that reached € 1.8 trillion or 120% of GDP.
Bossi would not give details of the economic reform plan to be presented in Brussels Italy. Italian Economy Minister, Giulio Tremonti, has previously promised reform package that includes the opening of the professional sector, cutting red tape, and increase revenues through privatization and property tax; however, the implementation of the policy has been repeatedly delayed.