Wednesday, June 4, 2008

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PUBLIC ACCOUNTS AT RISK: THE FAULT OF THE NEW CUTS

The OECD says the Outlook economism: the Italian public finances would "deteriorate" in 2008 as a result of slower growth and measures to increase the deficit by providing a report for this year's deficit / GDP 2.5% and 2.7% for 2009 (was 1, 9% in 2007). According to the organization, "you might regret it" cuts the tax burden, particularly in the case of the ICI tax cut and the abolition of IRAP, "if the recent improvements in tax collection and the consequent widening of the tax base will not be supported '.

According to the OECD, the public deficit Italian - which in 2007 was "significantly reduced" - should return 'to worsen in 2008. " Also according to the OECD, the Italian economy will grow by only 0.5%. In 2009 the gross domestic product should increase instead of 0.9%. The Combined Report on the economy, the Treasury expected in March grew by 0.6% this year.

As regards expenditure, the OECD notes, "social transfers and public investment should grow." For the international organization "you will regret" if the fight against tax evasion and the consequent increase in the tax base "does not confirm." Moreover, 'no improvement in the primary should be recorded in the next two years. " However, the OECD notes, "the reduction of the debt / GDP is expected to continue at a slower pace."

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"bogeyman" ITALIAN: THE PUBLIC DEBT

I the public debt of Italy, or the accumulation of past deficit spending, remains the highest among EU member states, and this' as stated in the decision of the Ecofin repealed the infringement procedure for excessive deficit in Italy. "As regards the debt of Italy - says the decision del'Ecofin - after declining for a decade just below 104% in 2004 remained well above the EU ceiling of 60%. And 'then increased by 2% in 2005 and a further 0.6% in 2006, before dropping back to 104% in 2007. In line with the European Commission's spring forecast due to the policy change is expected to drop around the 102.5% in 2009. " However, the Ecofin concludes that while the rate of debt remains high in Italy and clearly above the reference value, can be considered to have fallen in line with the correction of the excessive deficit in 2007. "

Yesterday, meanwhile, Eurostat has published GDP estimates for the first quarter. GDP in the euro zone and EU-27 rose by 0.8% in the first quarter compared to the previous three months. The growth of GDP for Italy (ISTAT published the other day) was 0.4%. This is the lowest growth of all countries of the European Union.


Thursday, May 15, 2008

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BANKS: "Unfair commercial practices" DAMAGES FOR 5.9 BILLION

The Antitrust Authority has opened ten investigations, for unfair practices in commercilai realzione the Bersani law on "portability of mortgages in respect of the following banks:

Intesa Sanpaolo - Unicredit - Monte dei Paschi di Siena - Bnl - Carige - Antonveneta - UBI Banca - Popolare Milano - Banca Sella - Deutsche Bank.

is what it says:

"The law on the portability of loans has remained unimplemented. We have news of cancellations to change just because of the costs and we have reports of citizens because the banks deny the subrogation and propose a similar contract with insurmountable costs. We have evidence that this is true, and we collected sufficient evidence of ten banks and we have opened ten investigations, "explained Catricalà. "The case was opened because we believe the improper way they act, not by agreement between the banks and then but for an unfair commercial practice."

"the behaviors of banks that do not apply the provisions laid down in the liberalization introduced by the Bersani package, have caused damage to depositors amounted to € 5.9 billion" said Rienzi, president Codacons.

"For the Competition Authority is an unfair commercial practice and, Adusbef and Federconsumatori is a custom, which has become over time, of arrogance and bullying continues to nationals users. Of course - plus the two associations - our associations putting in all the functional initiatives to compensation for those who request it. Also analyze the verifiability of entry into the instrument's field of class action. In our opinion - concluded Adusbef and Federconsumatori - it is an undue profit of banks involving 150,000 families. "