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Italy Concedes To Full Blown Austerity: To Raise Retirement Age From 65 To 67 By 2026
Don't anyone say Italy is not willing to tackle austerity with the determination of a rabid dog: retirement age to be raised by 2 years in 15 years, and an epic €5 billion to be raised from privatizations.
From Reuters:
Italy promised European Union partners on Wednesday a package of reform steps to boost growth and control its public debt, including labour and pensions reforms and additional revenues from property divestments.
In a letter sent to an EU summit in Brussels , the government said it would put forward a firm plan of action to boost growth by Nov. 15.
It promised measures to cut red tape and modernise state administration to improve conditions for business.
It also said the minimum age for old age pensions would be raised in gradual steps to 67 years for both men and women by 2026.
The letter also promised to raise 5 billion euros a year from divestments and improved returns from state property.
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on the bright side ... 67 is new 57 ...
"an epic €5 billion "
epic indeed lol
this is only for public workers with guaranteed job security.
majority of private workers will be forced to retire by 55 and will be LUCKY if they get to retire at 67.
How many of the Italian politicians that vote for this will be alive, let alone in office in 2026?
The important thing is that Berlusconi's mistress will be almost 29 by then.
UK slaves to bail out the euro:
http://www.dailymail.co.uk/news/article-2053456/Eurozone-debt-crisis-UKs...
Thing I'm wondering Ahmee, is this. How will these guys engineer another Aisan Shock like 1997.
That has to be the ace up their sleeve. Only that it will cannibalize their last growth markets. Very interesting dilemma.
But if this Diwali (Festival) season is anything to go buy(!!!), the sentiment is very very muted. Don't know if the BRICS have the backbone to bail out whitey again.
ORI
An Audio Visual Journey
guess that all-out planet and star induced crash last week didn't come huh?
Maybe think about STFUing
Sources close to Berlusconi have stated privately that the retirement age of mistresses and private dancers will, in fact, be going down.
Oh, the humanity!
Heartless bastards.
That is, in fact, not the only thing expected to be going down - and often.
Aldous,
I am lost on this statement, what do you mean forced to retire at 55,and lucky to retire by 67?
majority of private workers will be forced to retire by 55 and will be LUCKY if they get to retire at 67.
forced retirement = layoff because you are too expensive; aka. age discrimination; even at executive levels. they give you the "early retirement" buyout offer.
lucky few who do get to retire = actually I don't know of anyone.
I've never actually seen anyone older than 60 at a publically traded corporation. and these are folks with pensions.
The younger generation X will be working at McDonald's despite 30 year corporate executive experience. Just look at JAPAN.
Hey! You donna lika how we adoo austerity here thena fungoo ayooz tooz!
you have to laugh...or else you would cry
Effective by 2026 is beyond epic. It's plum more Salvador Dali surreal than he could even paint.
Here's the key point:
"The letter also promised to raise 5 billion euros a year from divestments and improved returns from state property."
What are they going to sell? Who makes the decision? This whole crisis is about carving up sovereign states for the transnational uber-wealthy, answerable to no one. Eventually they will own everything of REAL VALUE and the rest will be left to rot, like unharvested lettuce. They will live behind iron gates with private militias, in countries with no extradition treaties.
The single government NWO is only the final stage of a long plan. After there's nothing left to acquire, they let it all collapse and retire with their bloodline. The ultimate financial/sociological parasite class.
Bingo on the privatization (what did we call it when the Russian "oligarchs" did it?).
http://michael-hudson.com/2011/06/how-financial-oligarchy-replaces-democ...
And 57 is the new 47.. Just ask the Duchess of Spain.
http://www.cbsnews.com/8301-31749_162-20116849-10391698.html
Euro is domed..
she's a fox
lucky guy...
Her face is a cross between a dead poodle and a raisin.
Nothing wrong with dead poodles for a change of pace.
It's Halloween fellas
She probably knows stuff....
67 is the magic number world goverenment has agreed upon.
coming to USA near you....no social security/medicare/retirement until 67.
Meanwhile, you will be let go as VP of whatever that was just outsourced at age 50.
Workers better go get one of those rare government jobs with pension or start buying McDonald's franchise.
I'm hoping for 52. I wish they'd stop putting those locking tops on the dumpsters at the supermarket. That was a big part of my retirement plan.
rent a truck, steal the dumpster. That iron core must be worth a lot.
Stick some fennel in that sausage and pass me the Barbera.
HOLY CRAP!
I don't know whether to laugh, cry, or vomit.
All I can say is "WOW"
Best looking Cameleon I ever..................."wait" maybe not.
They kept it all in the same family - for centuries.
Chop, chop time. We have too much of these vermin crawling around. They consume 100s of times the amount of resources and space that any common human being would utilize.
My plans for austerity start at the top. Chop, chop and become lean and mean.
The honeymoon= If he dies, he dies.
The average longevity is about 66.5.
pathetic
No, its very smart. Every eligible voter will be dead by the time the retirement age increases.
did it help the US debt? and yes I'll be dead
well, THAT SOLUTION was sure easy...NEXT!!
joke anyone?
No more jokes, please! One more of these out of Europe and it might kill me.
What's the difference between a Banker and an onion?
No one cries when you chop up a Banker.
thatsa one a tiny meataball
Yea we just went from 'Western world implosion dangling on the cliff edge' to 'What, us worry? Yea we're all bankrupt, but we've decided not to discuss that for a decade or so' all in a few hours!
those are some hard core mother fuckers, relentless bastards
Indeed! NEVER underestimate the stubborness of an ostrich sticking its head in the ground. It will certainly not stick its neck out for you.
'No worries, this too shall pass . . .'
Listen, as soon as I am out of office and retired, we will give you all the freakin austerity you want.
I am pretty sure that is how the public pension debacle was created.
The government will sell property? How much for that flooded town with the opera singers?
Stunning. Such commitment on their part; a beacon of light from Europe.
/sarc
In a gesture of solidarity, Berlusconi has also agreed to lower the average age of his mistresses by 2 years.
The youth are underemployed
I think even in certain parts of Italy 11 years old is considered child molestation. But I'm not sure. Better ask a priest.
'it would put forward a firm plan of action to boost growth by Nov. 15'
The plan to have a plan is definitively announced!
All rise and bow!
WHEW! that was close!!! disaster averted, thank god they hit the Big Red Staples Button "That was Easy"
let's throw a pizza party to celebrate the news!
All this after a full blown fight took place in parliment!
$5B is really gonna be a game changer!
FTW- Let the system burn
End
It
All
!
Ben can take care of that $5b in one round of POMO, problem solved. No reason to wait a decade.
whaa, you no like-a?
they'll be speaking German in Rome in '26...
And using the Lira by 2012
I always liked the Lira. Go to the ATM, ask for $500, get 1M Lira. Good times....
Bullish Bitchez!!
LoL
2026, eh? is that in dog years?
but at least oBLAHma will still be president, i mean Dick Tater!
I want Lindsay Lohan to be our President by then. Or at least the first lady.
She could steal our way out of debt,
Yeah, that's good for another 50 on the S&P today.....
T minus 1 hour until the next wave of bad news starts rolling in.
How they figure they can go from 'financial banking armageddon TODAY' to 'Meh...we'll just do nothing and kick it down the road a few years' tells me theyve just decided to implement total system destruction.
I predicated a kneejerk reaction to the upside on the Summit meetings, and here it is. Does anyone remember how the EUR/USD rallied from 1.31 to 1.39 and lifted the DOW a 1,000 points based on the Merkozy news that all the details would be revealed with their grand plans on the 23rd? Ooops, then the 26th? Opps.....
Yes, they agreed and had an agreement that something needs to be done.....but apparently they didn't know what needed to be done until they now have finally realized that whatever is to be done is DOA since no one can actually agree to agree on the agreement of said plans now that some phd's have finally whipped out the ole, trusty HP-12c.
Good luck equities, you'll need it over the coming months.
LMAO!!! Tyler, you always have the best medicine on days the lunatics are running the asylum formerly known as the free market. Thanks. haha
I hate to say this lads but Italy is a much more functioning & efficient place then the Good old US of A - it just does not have that reserve currency thingy.
Why would you want to raise the retirment age when you have a unemployment crisis - Jesus thats nuts.
Italy just needs to raise taxes on Gasoline and get over its love affair with the car.
yeah, but can you buy a house for $100.00 in italy?
because you can't afford to give them money for doing nothing
Why? It gives the unemployed 2 more years to look for jobs...
Well put.
Straw, meet the camel's back
someone definitely did a few goalseeks and PV calcs on that one.
This rasing of retirement age is happening all over the place and boomers are pissed about it... Soon enough they will realize that it's maybe not so bad to hold on to a job for 2 more years given the uncertainty out there... It will also stiffle efforts for gen X to move up the ladder and gen Y to find a job at all. You basically buffer 2 more years... not good in the end.
I am gen X and no one in my company is even remotely considering leaving... all are retirement eligable, but no one is moving. Don't know anyone who has had a promotion nor a raise. Haven't seen a new face in YEARS
Thats true -they are not great workers , but there is no point travelling to work and working like a dog if you burn more energy then you produce as I am afraid happens in America.
As long as the Nothern Europeans go on Holidays to Rome and other great cities and as Long as Northern Italy remains part of the Alpine club then its not the worst place in the world to park your money.............but if you push them too far its back to the Lira and no more wine for outsiders.
www.youtube.com/watch?v=qOs6RdO4H6A
Ah, what job?
I am scratching my head.
You're kidding me, right?
I have been to Italy several times and hardly see ANYONE working at ANY age. I love the Olive Nations' way of life ...but unless they have a Sugar Daddy (Germany, Netherlands, etc) to support them, things will get much worse.
wait a second, who (and where) is making the shoes designed by Giuseppe Zanotti?
The Chinese.
I was afraid, that could be the answer.
The game is up, nobody is believing the bullshit anymore; Nationalized education has failed to properly dumb down the world's population and now people are seeing shit spewed forth from the Shitheads-of-State, for the shit that it really is.
This is going to end in a WAR. Europe is going to burn; AGAIN!
They forgot to mention that the 5 billion raise will be based on the lire which is what Italy will be back to in 6/2012.
world should be full blown mad max by then anyway...i am the nightrider
+500 points on the DOW (today).
I wonder if these people know that they sound like full blown retards,or if they really believe what they say.
Actors rarely believe what they say, but they can deliver their lines with great effect.
The only difference is that the Politicians pay (bribes) is much better than your average actor.
Biongiorno, bitchez!
Looks like an appropriate response to German and French demands for austerity, doesn't it?
Typical Europe...what a f'ing joke.
Meanwhile algo scanners see this as bullish...up we go.
The latest Hopeium injection is taking hold.
And in other news...Bloomberg: French President Nicolas Sarkozy and German Chancellor Angela Merkel want to meet Greek creditors in Brussels tonight on the sidelines of a European summit to break a deadlock of the terms of a debt writedown, said a person familiar with the matter.
'would be raised in gradual steps'. Let me do some math here: increasing age by 24 months and uh, 15 years * 12 months per year = PUNT!
Oh ZH I love you so. I literally almost spilled coffee all over myself when I read the title and first sentence of this article. The italians had a great opportunity to show the world they were really serious today by cutting one vacation day each to add another 750k onto those cuts.
Bunga Bunga is counting on Draghi to continue in the footsteps of Mr zprice zstabeleteeeee and monetize the peripheral gubbmint bonds. We know Germany is against that, it's just a matter of time when they say "no more". And my bet is that Germany will be the first making the move OUT of zeuro.
No, like two rabid dogs.
Thank the Good Lord! Now Berlusconi can get back to what he's best at... banging underage hookers and insulting the most powerful person in Europe, Angela Unfuckable Fat-ass Merkel.
and as we all know, using the time value of money, the effect to the Italian economy will be epic. EPIC!!!!!!!
Shock horror, about 1 month advancement per year? What’s next……cat juggling?
Eventually everyone’s retirement date will be what’s engraved on your tomb stone.
The corrupt politicians who are bought and paid for by the banksters have conceded to full blown austerity. That concession is about as democratic and legitimate as the one that Greece made. Civil unrest is now guaranteed to consume Euroland.
Thye will make the whole world soon work till 90 and go in a cane to work as sales peoples and sell chinese junk in a shopping mall
You guys realy dont see that they deindustrailise the whole world and the only production is in china
WTF all peoples on this planet are blind or mind control ?
RON PAUL 2012
? ? ? ? L U T ? ?? N
You know, for all the Ulcers, and Tears these bstds have caused, they should ALL DEFAULT and get on with it.
IT is what it IS..........................
If it's CHAOS, so be it.
All this crap to save BANKS????????...............(YOU made loans, they defaulted, you EAT IT
Sustained
ditto.
When the moon
Hits your eye
Like a big pizza pie
That's amore.....
Sorry, did Italy do something constructive again?
This changes everything
So, Italy has defaulted. We can only wait for the spin on how doubleplusgood this is. Merkozy is printing and packing.
UK needs to dig itself out of a hole about the same size as Italys first before their slaves work on other countries
Relative to what the banks are conceding, how laughable are these concessions really?
"2026" ,... the year the world stood still, as the mighty roman's resurrect their dead
Haha. Great news. A commitment to implement austerity ... over the next decade and a half. Now that's what I call definitive, immediate action right there.
One day the "retirement age" will be a MINIMUM.
50 year olds all over Italy weep with rage...
"After you're dead, you still owe us 2 more years of labor."
I wonder what the Fuher has to say about this?
Guys she isnt that bad. She got big tetas.
Hell I have fucked worse when drunk. Dont you guys even pretend you havent.
What is the average life expectancy of an Italian living on catfood anyway?
I think Mr. Bean would do better and beyond!
I don't get this Italian bashing - OK they are more honest about their coruption then their more northern neighbours - but thats refreshing at least.
And they are great designers............
www.youtube.com/watch?v=7DT3gzFHXoY
www.youtube.com/watch?v=PUcAkucShzQ
www.youtube.com/watch?v=6k7KMJ_j56k
Turin Rocks............and Ahem.......Viki B.
It's the same sort of bashing Greece took too. But compared to the way the US is bashed almost everywhere today, it's negligible. Peace.
Well just found out Turin does not make much stuff nowadays - the new Fiat 500 is made in Poland somewhere and the old plant has been closed for 30 years !!!!!! - ah well , at least they make wine - much more important.
Great designers but poor engineers.
UK wants to leave
watch the video:
http://rt.com/news/uk-eu-membership-economy-777/
Marc Faber
http://www.youtube.com/watch?v=cjssy0iQltY
long live the 'royale with cheese' and all things europe...
"I don't know.. I didn't go to burger king"
http://www.youtube.com/watch?v=SLtwFugudZE