Italy struggles to climb out of debt trap

Article Abstract:

Italy's public debt is 104% of output, about 1/3 of all European debt, so if the French vote against the Maastricht treaty at the referendum on Sep 20 1992 the lira is likely to be devalued. Privatisation, although politically unpopular, and measures to restrict tax evasion, would help to bring the debt down. Increased spending on pensions and local authority costs because of corruption caused the economic problems. Inflation is expected to halve by 1994, reducing the budget deficit but not the stock of debt.

Italy, National debt, European Union. European Commission, Public debts, Lira (Italy)

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Labour gambles on taxation

Article Abstract:

Labour's election campaign offers tax changes to raise the living standards of eight out of 10 people and provide a 2.7 billion pounds sterling recovery package for hospitals and schools. Nearly 2 million people earning over 30,000 pounds sterling will lose out in the national interest. Mr John Smith, the Shadow Chancellor said it was not an inflationary budget. Increases would be in child benefit, pensions and personal tax allowances. There might be disproportionate affects in London and the South-east.

United Kingdom, Labour Party (United Kingdom), Income tax, Tax policy

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