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

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Wed, 10/26/2011 - 14:33 | 1813590 pragmatic hobo
pragmatic hobo's picture

on the bright side ... 67 is new 57 ...

Wed, 10/26/2011 - 14:37 | 1813619 French Frog
French Frog's picture

"an epic €5 billion "
epic indeed lol

Wed, 10/26/2011 - 14:39 | 1813634 AldousHuxley
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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.

Wed, 10/26/2011 - 14:41 | 1813648 Pladizow
Pladizow's picture

How many of the Italian politicians that vote for this will be alive, let alone in office in 2026?

Wed, 10/26/2011 - 14:43 | 1813663 taraxias
taraxias's picture

The important thing is that Berlusconi's mistress will be almost 29 by then.

Wed, 10/26/2011 - 14:46 | 1813685 Ahmeexnal
Wed, 10/26/2011 - 14:59 | 1813761 Oh regional Indian
Oh regional Indian's picture

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

Wed, 10/26/2011 - 15:31 | 1813924 trav7777
trav7777's picture

guess that all-out planet and star induced crash last week didn't come huh?

Maybe think about STFUing

Wed, 10/26/2011 - 14:48 | 1813701 Miss Expectations
Miss Expectations's picture

Sources close to Berlusconi have stated privately that the retirement age of mistresses and private dancers will, in fact, be going down.

Wed, 10/26/2011 - 14:49 | 1813712 Manthong
Manthong's picture

Oh, the humanity!

Heartless bastards.

Wed, 10/26/2011 - 17:55 | 1814337 arkady
arkady's picture

That is, in fact, not the only thing expected to be going down - and often.

Wed, 10/26/2011 - 14:58 | 1813744 DosZap
DosZap's picture

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.

Wed, 10/26/2011 - 17:22 | 1814270 AldousHuxley
AldousHuxley's picture

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.

 

Most Japanese companies require that employees retire upon reaching a specified age. During most of the postwar period, that age was 55. Because government social security payments normally begin at age 60, workers are forced to find reemployment to fill the gap

 

 

 

 

Wed, 10/26/2011 - 15:42 | 1813957 The Big Ching-aso
The Big Ching-aso's picture

Hey!   You donna lika how we adoo austerity here thena fungoo ayooz tooz!

Wed, 10/26/2011 - 14:40 | 1813640 thetruth
thetruth's picture

you have to laugh...or else you would cry

Wed, 10/26/2011 - 15:47 | 1813974 The Big Ching-aso
The Big Ching-aso's picture

Effective by 2026 is beyond epic.     It's plum more Salvador Dali surreal than he could even paint.

Wed, 10/26/2011 - 17:31 | 1814289 Uncle Sam
Uncle Sam's picture

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.

Thu, 10/27/2011 - 09:28 | 1816862 Bob
Bob's picture

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...

Wed, 10/26/2011 - 14:39 | 1813633 iDealMeat
iDealMeat's picture

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..

Wed, 10/26/2011 - 14:41 | 1813650 Comay Mierda
Comay Mierda's picture

she's a fox

Wed, 10/26/2011 - 14:44 | 1813672 caerus
caerus's picture

lucky guy...

Wed, 10/26/2011 - 15:00 | 1813780 oddjob
oddjob's picture

Her face is a cross between a dead poodle and a raisin.

Wed, 10/26/2011 - 15:48 | 1813978 The Big Ching-aso
The Big Ching-aso's picture

Nothing wrong with dead poodles for a change of pace.

Wed, 10/26/2011 - 15:01 | 1813783 SilverIsKing
SilverIsKing's picture

It's Halloween fellas

Wed, 10/26/2011 - 15:11 | 1813834 MonsterBox
MonsterBox's picture

She probably knows stuff....

Wed, 10/26/2011 - 14:44 | 1813668 AldousHuxley
AldousHuxley's picture

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.

Wed, 10/26/2011 - 15:21 | 1813874 mjk0259
mjk0259's picture

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.

Wed, 10/26/2011 - 17:01 | 1814216 AldousHuxley
AldousHuxley's picture

rent a truck, steal the dumpster. That iron core must be worth a lot.

Wed, 10/26/2011 - 14:44 | 1813674 hedgeless_horseman
hedgeless_horseman's picture

Stick some fennel in that sausage and pass me the Barbera.

Wed, 10/26/2011 - 14:45 | 1813684 Smiley
Smiley's picture

HOLY CRAP!

I don't know whether to laugh, cry, or vomit.

Wed, 10/26/2011 - 14:49 | 1813706 Threeggg
Threeggg's picture

All I can say is "WOW"

Best looking Cameleon I ever..................."wait" maybe not.

Wed, 10/26/2011 - 16:40 | 1814169 walküre
walküre's picture

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.

Thu, 10/27/2011 - 03:36 | 1816265 Taterboy
Taterboy's picture

The honeymoon= If he dies, he dies.

Wed, 10/26/2011 - 14:45 | 1813683 YesWeKahn
YesWeKahn's picture

The average longevity is about 66.5.

Wed, 10/26/2011 - 14:33 | 1813596 Irish66
Irish66's picture

pathetic

Wed, 10/26/2011 - 14:39 | 1813639 Mugatu
Mugatu's picture

No, its very smart.  Every eligible voter will be dead by the time the retirement age increases.

Wed, 10/26/2011 - 14:45 | 1813679 Irish66
Irish66's picture

did it help the US debt?  and yes I'll be dead

Wed, 10/26/2011 - 14:34 | 1813598 orangedrinkandchips
orangedrinkandchips's picture

well, THAT SOLUTION was sure easy...NEXT!!

 

joke anyone?

 

Wed, 10/26/2011 - 14:36 | 1813608 tarsubil
tarsubil's picture

No more jokes, please! One more of these out of Europe and it might kill me.

Wed, 10/26/2011 - 14:37 | 1813612 A Lunatic
A Lunatic's picture

What's the difference between a Banker and an onion?

 

 

No one cries when you chop up a Banker.

Wed, 10/26/2011 - 14:37 | 1813614 Honey Badger
Honey Badger's picture

thatsa one a tiny meataball

Wed, 10/26/2011 - 14:43 | 1813655 SheepDog-One
SheepDog-One's picture

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! 

Wed, 10/26/2011 - 14:34 | 1813601 I am a Man I am...
I am a Man I am Forty's picture

those are some hard core mother fuckers, relentless bastards

Wed, 10/26/2011 - 15:45 | 1813967 Silver Bully
Silver Bully's picture

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 . . .'

Wed, 10/26/2011 - 14:36 | 1813602 legal eagle
legal eagle's picture

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?

Wed, 10/26/2011 - 14:36 | 1813603 Gief Gold Plox
Gief Gold Plox's picture

Stunning. Such commitment on their part; a beacon of light from Europe. 

/sarc

Wed, 10/26/2011 - 14:35 | 1813604 redpill
redpill's picture

In a gesture of solidarity, Berlusconi has also agreed to lower the average age of his mistresses by 2 years.

Wed, 10/26/2011 - 14:40 | 1813643 s2man
s2man's picture

The youth are underemployed

Wed, 10/26/2011 - 17:54 | 1814336 The Big Ching-aso
The Big Ching-aso's picture

I think even in certain parts of Italy 11 years old is considered child molestation.    But I'm not sure.   Better ask a priest.

Wed, 10/26/2011 - 14:35 | 1813606 machineh
machineh's picture

 '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!

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