Italy Concedes To Full Blown Austerity: To Raise Retirement Age From 65 To 67 By 2026

Tyler Durden's picture

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.