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    Archived pages: 166 . Archive date: 2013-12.

  • Title: Fairocracy - A 100% Fair Political System
    Descriptive info: .. Follow @Fairocracy.. Loading.. EU Fiscal Stability/ Compact Treaty Referendum.. The treaty we are voting on revolves around annual budget deficits and overall national debt primarily, so dont let the yes camp tell you it is all about securing a potential bailout facility.. Make sure you VOTE NO.. full referendum coverage info.. ECB and IMF Declares Democracy Outdated in the Eurozone PIIGS Nations.. An undemocratic pattern is emerging across Europe.. When the public of a particular country becomes entrenched against austerity measures, a combination of politicians and civil servants in that nation do whatever they can to bypass the public's wishes.. read more comment.. Former Government Ministers' Yearly Pension Costs For Irish Taxpayers.. On the 9th of November 2011, Sinn Féin President Gerry Adams TD received an answer to a parliamentary question, which detailed the amount of pensions paid to former ministers, totalling 8,861,515 on a yearly basis.. view data alphabetically/by size of pension.. 2011 Irish Presidential Election Results.. After probably the most controversial and personality-related Presidential election since the Republic became independent, the Labour Party candidate, Michael Daniel Higgins became the 9th President of the Republic of Ireland.. Houses of Oireachtas Inquiries Referendum Results.. 53.. 34% of the public who turned out to vote, polled a NO vote, which will probably ensure many more wasteful tribunals for the country, but it also means that less power will be passed over to the already too-powerful Irish political set.. Judges Remuneration Referendum Results.. The 2011 Judges Remuneration Referendum in Ireland was passed, by a massive majority, with nearly 80% of those who turned up to vote, polling a yes vote.. As far as wages go, Judges will now be treated the exact same as every other Irish citizen.. Full Details of the November 2011 Parliament-Approved Italian Austerity Package.. This is the full text/data released by the Italian Ministry of the Economy and Finance, which announces Parliament-approved additional austerity measures for the period between 2011 and 2014.. Silvio Burlesconi would not resign until this was passed.. VIDEO: Quick Facts On Ireland's Debt Crisis - ResolveTheDebt.. com.. This is an interesting video uploaded to YouTube by a group calling themselves 'The Pub Activists', who are campaigning for a referendum on Irish Banking Debt on their ResolveTheDebt.. com website, and through a Care2 petition.. Greece's People Start To Reclaim Their Economy (A Debt Audit?).. Greek trade unions, academics and politicians  ...   year, and it cannot initiate legislation, or stop legislation going through which it deems as unconstitutional.. Fairocracy is a mixture of the most democratic parts of our current system, and many great ideas put forward by various commentators, journalists and politicians, plus a few new ideas thrown into the mix.. It is not meant to be totally original or revolutionary, rather a fair and inclusive system.. You can put forward your ideas for the system here.. Homepage.. Politics Reform News-Blog.. The Economy News-Blog.. Other Issues News-Blog.. Irish Facts + Figures.. Current Government Cabinet.. (Junior) Ministers Of State.. Irish Government Departments.. Cost Of Ex-Ministers' Pensions.. CSO Unemployment Rates.. ECB Interest Rates.. Senior/Subordinated Bank Debt.. The Irish Constitution.. General Election 2011.. Full General Election Coverage.. Full General Election Results.. General Election News-Blog.. General Election Audio Video.. GE11 Constituencies/Seats.. Ratio of Electorate:Seats.. Constituency's by Turnout (%).. Party Manifestoes/Policies.. Irish Opinion Polls 2007-2011.. List of Elected TDs.. List of Newly-Elected TDs.. List of Female TDs Elected.. List of Retiring TDs.. List of TDs Who Lost Their Seat.. more #GE11.. Fiscal Stability Referendum.. 2011 Irish Presidential Election.. Judges Pay Referendum.. Oireachtas Inquiry Referendum.. The Fairocracy System.. The Democratic Process.. The Dáil Public Call General Elections.. coming next:.. Voting By Proportional Representation.. Three Year Dáil Terms For TDs.. Maximum Of Four Full Dáil Terms.. Similar Numbers Of TDs.. By-Elections Held Within Six Weeks.. Universal Election Campaigning Budget.. Equal Opportunities - For TDs.. Campaign Pledges Matching Dáil Votes.. Yearly Referendums.. Ongoing Public Voting System.. An End To The Party Whip System.. All TDs/Public Can Propose Legislation.. Up-To-Date Online Public Database.. Yearly Q A's For All TDs.. Monthly Q A's For Taoiseach/Ministers.. Anti-Propaganda Law.. The Democratic Regulator.. A Taoiseach Must Have Experience.. End Of 'Taoiseach's Without A Mandate'.. Appointments Of National Importance.. Referendum For Modern Constitution.. Not Irish?.. Dáil = Main/Lower House Of Parliament.. Seanad = Senate/Upper House Of Parliament.. TD = Member Of Parliament.. Taoiseach = Prime Minister.. Tánaiste = Deputy Prime Minister.. Ceann Comhairle = Speaker Of the House.. Enter your email address:.. Delivered by.. FeedBurner.. All original text articles by Fairocracy may be.. republished, partly or in full, under a.. Creative.. Commons Attribution 3.. 0 Unported License.. Get more info about our copyright policy.. here.. About.. -.. Contact.. Advertise.. Copyright/Re-Publish.. Donate.. Privacy Policy.. Terms Conditions.. Copyright 2010-2013.. Blatant Independent Media!.. - All rights reserved -.. Web Design by Solid Website Design..

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  • Title: Fairocracy RSS Feed : A 100% Fair Political System
    Descriptive info: You are here.. Fairocracy RSS Feed.. EMAIL UPDATES.. FEEDBURNER.. VIEW XML.. The 'EMAIL UPDATES' link featured above allows you to receive email updates whenever our RSS Feed is updated (each time we add new content to the website), via.. Feedburner.. You will not recieve any emails directly from us, because we do not send newsletters or email updates independently.. Read our full privacy policy..

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  • Title: EU Fiscal Stability Treaty Referendum in Ireland/Fiscal Compact Treaty
    Descriptive info: News-Blog.. Politics Reform.. EU Fiscal Stability Treaty Referendum in Ireland.. 2012 EU Fiscal Compact/Stability Treaty Referendum in Ireland.. On Thursday May the 31st 2012, Irish voters go to the polls to vote in a referendum which would change.. the nations constitution.. , if passed, to allow subsequent Irish governments and the EU apply the.. Treaty on Stability, Coordination and Governance in the Economic and Monetary Union.. (aka the.. Fiscal Compact.. , the.. European Fiscal Union.. or the.. Fiscal Stability Treaty.. ).. If passed, Ireland will be bound by any proposed and future sections of that treaty, and if anything within the treaty comes into conflict with our constitution, our constitution will be invalidated in favour of the EU treaty.. Please VOTE NO!.. What is the Fiscal Stability Treaty? [Basic Guide].. balanced annual national budgets, or budgets in surplus.. overall national debts below 60% of GDP.. fines  ...   a simple guide to the Fiscal Stability/Compact Treaty here.. OFFICIAL DOCUMENTATION:.. EU Fiscal Compact/Stability Treaty - EU LEGISLATION.. The EU treaty which we are voting for/against in the May 31st referendum.. 13th Amendment to the Constitution - IRISH LEGISLATION.. Constitutional change to allow the treaty to exist, if we vote yes in the referendum.. European Stability Mechanism (ESM) Treaty - EU LEGISLATION.. This is the EU treaty which provides the bailout facility which we hear so much about.. European Stability Mechanism (ESM) Bill - IRISH LEGISLATION.. Irish legislation which has been drafted to facilitate Ireland becoming part of the ESM, and will be passed by FG/Labour, if the Fiscal Stability treaty is passed in the May 31st referendum.. Amendment to Treaty on the Functioning of the European Union - EU LEGISLATION.. This will allow for the ESM to be legally part of the overall EU apparatus..

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  • Title: Politics and Reform News-Blog
    Descriptive info: EU Fiscal Stability/Compact Treaty Referendum.. Make sure you come out, use your voice, and please VOTE NO.. How Women Fared In The 2011 General Election.. Claire McGing, from the Department of Geography at NUI Maynooth, looks over the stats related to the numbers of female candidates who were elected to the Dáil.. With just 25 women amongst the 166 TDs, we are currently in 79th place in the World rankings.. Enda Kenny Announces 15 Ministers Of State - inc Department Breakdown.. All 15 junior ministers (Ministers Of State) have been announced today by Enda Kenny, so most of the major decisions are now out of the way.. View a full list, plus a breakdown of which departments and senior  ...   Dail parliamentary groups who will be battling it out over the course of the 31st Dáil.. No Word From The Fine Gael-Labour Coalition Negotiations.. Fine Gael and Labour have resumed the second day of talks, which will most probably lead to them forming a coalition.. Both parties have kept to their word of not giving any insight into how their backroom negotiations are going.. #GE11 Results Breakdown, Turnout, Comparison Charts, TD Lists More.. Get a full breakdown of how all the parties done at the ballot box, plus lists of TDs elected, female TDs, new TDs, TDs who lost their seats and a range of useful charts which compare statistics across the 43 constituences too.. full party results and turnout..

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  • Title: ECB and IMF Declares Democracy Outdated in the Eurozone PIIGS Nations
    Descriptive info: ECB/IMF Declares Democracy Outdated In PIIGS.. ECB IMF Declares Democracy Outdated In The Eurozone PIIGS Nations.. Greece's new unelected Prime Minister, ex-ECB VP, Lucas Papademos.. Image: Greek Ministry of Finance.. (.. license.. view full-size version of this image.. November 13th 2011.. by.. Damien Hughes - Fairocracy.. com Editor.. An undemocratic pattern seems to be emerging across Europe.. When the public of a particular country becomes entrenched against austerity measures, which appear to have been primarily implemented by the ECB, a combination of politicians and civil servants in that nation do whatever they can to bypass the public's wishes.. There is absolutely no divergence from a thoroughly pre-planned route.. Here in Ireland, we had Fianna Fail politicians refusing to hold any form of a referendum on a bailout - the most important economic milestone in this nation's history - before they left power.. The public played no part in the decision making process, and while we all knew that Fianna Fail were deadwood politicians, they were quite happy to add an extra layer of personal vitriol towards themselves by not consulting the public, instead, they just followed the directions of whatever puppetmasters were controlling their every move.. Nowadays we know that they were the unelected heads of the ECB and IMF.. Subsequent to the General Election, Fine Gael and Labour have just followed that same pre-planned route, and there has been zero renegotiations, as was promised by all parties during the election campaign.. In Italy, Burlesconi has done exactly the same.. A man best known for self-preservation, self-adulation and general selfishness when it comes to his peoples economic plight, and to the notion of democracy within his country, would only leave office after he implemented.. ECB/IMF-directed Italian austerity measures.. He finally knew his days were numbered to single digits, and the  ...   power to make such decisions, it was their democratic job to do everything that they needed to do during their time in power.. The rest of us would argue that they compacted the biggest decisions of their time in power into a matter of days, and essentially rushed through measures which would affect the lives of their populations intolerably.. These kinds of decisions need a period of contemplation, and then a collective decision by the entire public.. Greece was just about to get this chance, but now not only will that choice not be given to the people, they may have also been punished for speaking up.. The new Greek PM is Lucas Papademos, a non-elected official who was chosen by Greece's politicians in secret behind-closed-doors negotiations.. He is a former European Central Bank policymaker, who was the ECB vice-president from 2002 to 2010.. Previously he was the Governor of the Bank of Greece from 1994 to 2002, and he also holds posts as a professor at Harvard and Senior Fellow at the University of Frankfurt.. Whatever pain Greece felt before, judging by this man's CV and his loyalties, this next 3 months will set the foundations for a much greater level of pain for the Greek public.. I suppose you could liken this to the most recent invasion of Iraq by the US.. One of the main reasons behind that US invasion was to send out a signal to the rest of the Middle East, now the ECB and IMF appear to be sending out a signal to the rest of the PIIGS nations, and to any others who find themselves in such a debt-ridden situation.. Greece is surely in a much worse situation now than it was just a couple of weeks ago, no matter how bad that was..

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  • Title: [Full A-Z] Ex-Government Ministers Yearly Pension Costs In Ireland
    Descriptive info: Useful Facts Figures.. Ex-Government Ministers Yearly Pension Costs In Ireland.. Ex-Ministers Yearly Pension Costs.. On the 9th of November 2011, Sinn Féin President Gerry Adams TD received an answer to a parliamentary question, which detailed the amount of pensions paid to former ministers.. The figures were provided by the Office of Paymaster General in respect of Ministerial pensions and from the Houses of the Oireachtas Service in respect of TD pensions.. Sources:.. Sinn Féin.. and.. the reply from the Minister for Public Expenditure and Reform (Brendan Howlin/Labour).. All amounts below are listed in Euro's.. [1].. Annual Amount of TD's Pension less Public Service Pension Reduction.. [2].. Annual Amount of Ministerial Pension less Public Service Pension Reduction.. [3].. Annual Amount of Ministerial and TD Pension less Public Service Pension Levy.. Listed Alphabetically.. /.. Listed by Size of Pension.. Download:.. Word Doc.. Excel.. Surname.. Forename.. Annual TD Pension [1].. Annual Ministerial Pension [2].. Total Annual Pension [3].. Ahern.. Noel.. 47,718.. 22,516.. 70,233.. Michael.. 53,136.. 23,308.. 76,445.. Dermot.. 50,722.. 69,243.. 119,965.. Bertie.. 49,935.. 102,397.. 152,332.. Allen.. Lorcan.. 52,359.. 11,684.. 64,044.. Bernard.. 52,206.. 12,330.. 64,536.. Andrews.. David.. 58,496.. 108,430.. Aylward.. Liam.. 0.. Barry.. Richard.. 65,768.. 9,842.. 75,610.. Peter.. 60,713.. 126,481.. Begley.. 19,518.. 69,453.. Bhreathnach.. Niamh.. 11,610.. 35,566.. 47,176.. Birmingham.. George.. 20,157.. 17,733.. 37,891.. Brady.. Vincent.. 38,914.. 20,717.. 59,631.. Browne.. John.. 44,221.. 10,982.. 55,202.. Bruton.. 50,282.. 91,567.. 141,849.. Burke.. 33,177.. 53,335.. Ray.. 53,904.. 103,839.. Byrne.. Hugh.. 18,456..  ...   39,186.. 47,943.. 87,129.. Gallagher.. Pat 'The Cope'.. 50,806.. 19,756.. 70,562.. Harney.. Mary.. 79,871.. 129,806.. Higgins.. Jim.. 51,390.. 5,973.. 57,364.. Michael D.. 50,178.. 37,750.. 87,929.. Honan.. Tras.. 27,700.. 23,050.. 50,750.. Hussey.. Thomas.. 44,108.. 17,108.. 61,215.. Gemma.. 30,537.. 66,058.. Hyland.. 49,490.. 11,837.. 61,327.. Jacob.. Joe.. 29,191.. 79,126.. Kavanagh.. 53,467.. 38,069.. 91,536.. Kiely.. Rory.. 35,387.. 16,938.. 52,324.. Kitt.. 50,643.. 30,834.. 81,476.. Lalor.. Paddy.. 51,219.. 101,154.. Lyons.. Denis.. 29,241.. 19,503.. 48,744.. MacSharry.. 39,002.. 88,937.. McCarthy.. 26,760.. 11,844.. 38,604.. McCreevy.. Charlie.. McDaid.. 47,472.. 97,407.. McDonald.. Charles.. 46,690.. 11,811.. 58,501.. McDowell.. 30,245.. 30,144.. 60,389.. McManus.. Liz.. 12,310.. Moffatt.. 23,737.. 42,193.. Molloy.. Robert.. 63,743.. 113,678.. Mullooly.. 21,916.. 57,303.. Nealon.. Ted.. 40,229.. 19,507.. 59,737.. Noonan.. Michael J.. 30,750.. 80,685.. O'Brien.. Fergus.. 47,484.. 66,991.. O'Connell.. Dr John.. 26,375.. 76,310.. O'Donnell.. 40,105.. 18,799.. 58,904.. 35,862.. 85,797.. O'Donoghue.. 21,372.. 29,958.. 51,330.. O'Hanlon.. 66,683.. 116,618.. O'Keeffe.. Edward (Ned).. 50,389.. 15,127.. 65,516.. 51,289.. 19,508.. 70,797.. O'Kennedy.. 53,946.. 68,858.. 122,804.. O'Malley.. Tim.. 12,544.. 18,649.. 31,193.. 54,092.. 106,722.. O'Rourke.. 50,938.. 67,043.. 117,981.. O'Shea.. 17,036.. 66,971.. O'Sullivan.. Toddy.. 41,712.. 14,713.. 56,425.. O'Toole.. 35,386.. 38,683.. 74,069.. Owen.. Nora.. 46,587.. 27,240.. 73,826.. Parlon.. Pattison.. Seamus.. 63,739.. 117,205.. Power.. 27,899.. 8,565.. 36,464.. 26,034.. 75,969.. Reynolds.. Albert.. 99,805.. 149,740.. Ryan.. Eoin.. 47,885.. 5,930.. 53,814.. 17,400.. 67,335.. Richie.. 57,170.. 93,033.. Smith.. Spring.. Dick.. 71,173.. 121,108.. Taylor.. Mervyn.. 77,980.. Treacy.. 51,393.. 32,217.. 83,609.. Wallace.. Dan.. 52,283.. 20,809.. 73,092.. 51,010.. 26,437.. 77,447.. Walsh.. Woods.. 53,453.. 122,696.. Yates.. Ivan.. 47,607.. 27,230.. 74,837.. Total.. 4,957,418.. 3,904,097.. 8,861,515..

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  • Title: Full Results of the 2011 Irish Presidential Election
    Descriptive info: Full Results of the 2011 Irish Presidential Election.. Higgins - the President elect, after preliminary results just announced.. Image: Labour Party.. November 2nd 2011.. The former Senator and TD beat most people's favourite, Séan Gallagher, after the latter was accussed of pocketing political donations.. Gallagher had 40% of the vote with Higgins on just 25%, according to opinion polls, up until a few days before the vote, but a series of revelations alternated those percentages, almost identically.. Overall Stats:.. Total Electorate:.. 3,191,157.. Total Turnout:.. 1,790,438.. Total Spoiled Votes:.. 18,676.. Total Valid Votes:.. 1,771,762.. 1st Preference Votes Subsequent Counts:.. Candidate.. 1st Pref.. Count 1.. Count 2.. Count 3.. Count 4.. Michael D  ...   2.. 9%.. 51,220.. Mary Davis.. 48,657.. 1st Preference Poll-Toppers In Each Constituency:.. Election Map: The most 1st preference votes in each Constituency.. Image: Irish Political Maps/Public Domain.. For Each Candidate, Per Constituency:.. 1st Preference % for Michael D.. Higgins (Labour Party).. 1st Preference % for Martin McGuinness (Sinn Fein).. 1st Preference % for Gay Mitchell (Fine Gael).. 1st Preference % for Dana Rosemary Scallon (Independent).. 1st Preference % for Sean Gallagher (Independent).. 1st Preference % for David Norris (Independent).. 1st Preference % for Mary Davis (Independent).. Related Politics News-Blogs.. Full Results: 2011 Judges Remuneration Referendum.. Full Results: 2011 Houses of the Oireachtas Inquiries Referendum.. #GE11: 2011 Irish General Election Results, Coverage, Statistics..

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  • Title: Full Results of the 2011 Houses of the Oireachtas Inquiries Referendum
    Descriptive info: Results: Houses of Oireachtas Inquiries Referendum.. Full Results of the 2011 Houses of Oireachtas Inquiries Referendum.. Leinster House, Dublin - the home of both houses of the Oireachtas.. Image: Cathrine Johansson.. This referendum may have been much tighter than.. the referendum on Judges pay.. , which was held on the same day, but after much controversy, the decision to amend the Irish Constitution to allow full inquiries to be held by both houses of parliament jointly (the houses of the Oireachtas), was turned down by the Irish people.. 34% voted against it, and this will probably mean more wasteful tribunals for the country, but it also means that less power will be passed over to the already too-powerful Irish political set.. Background:.. The controversial John Carthy killing, back in April 2000, by the Emergency Response Unit (ERU) of An Garda Síochána (the Irish police force) initiated.. a Tribunal that was chaired by Justice Robert Barr.. , at a cost of 18 million.. This was seen by politicians and the public as a waste of money, but a full inquiry by members within the two houses of parliament, which was thought to be a  ...   The failures of the Barr Tribunal, and the generally negative public opinion of Tribunals in Ireland had helped to gather public and political support for this Oireachtas Inquiries amendment to the.. Irish Constitution.. Up until days before the referendum took place it was looking like the public would pass it, but a campaign by the.. Irish Council for Civil Liberties.. (ICCL), and.. an open letter from eight former Attorney Generals.. killed off public support for it.. The ICCL said that this amendment would pave the way for 'Kangaroo Courts', whilst the Attorney Generals had this to say.. The proposal in relation to Oireachtas enquiries seriously weakens the rights of individual citizens, firstly to protect their good names, and secondly to have disputes between themselves and the Oireachtas concerning their constitutional rights (especially their rights to fair procedures) decided by an independent judiciary.. Result Summary:.. Electorate:.. Total Poll:.. 1,785,208.. Percentage Poll:.. 55.. 94%.. Invalid Papers:.. 45,025.. Valid Poll:.. 1,740,183.. Votes in favour:.. 812,008 (46.. 66%).. Votes against:.. 928,175 (53.. 34%).. [.. data from referendum.. ie.. ].. view full constituency results.. Constituency results for the 2011 Irish Oireachtas Inquiries Referendum.. Full Results: 2011 Irish Presidential Election..

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  • Title: Full Results of the 2011 Judges Remuneration Referendum
    Descriptive info: Full Results of the 2011 Judges Remuneration Referendum.. The Four Courts, Inns Quay, Dublin - home of the Irish Supreme Court.. Image: Damien Slattery.. Unlike.. the referendum on Oireachtas Inquiries.. , the 2011 Judges Remuneration Referendum in Ireland was passed, by a massive majority, with nearly 80% of those who turned up to vote, polling a yes vote.. The lowest yes vote was in the Donegal North East constituency (74.. 2%) and the highest was in Carlow-Kilkenny (82.. 1%), proving widespread support of this measure.. The outcome of this referendum is that Judges pay can now be altered by the Government.. Since the 1937.. was passed, Judges  ...   could not be lowered, even when the country was going through financial hardtimes.. With the advent of the current severe recession in Ireland, the public were not happy about this unfair advantage given to this particular elite group of people, and there was a major outcry.. This resulted in the Taoiseach at the time, Brian Cowen (Fianna Fáil), asking judges to take a voluntary pay cut, which 125 of 147 judges agreed to, and when Fine Gael/Labour came to power in 2011, they set about pushing for this referendum.. 1,785,707.. 96%.. 37,696.. 1,748,011.. 1,393,877 (79.. 74%).. 354,134 (20.. 26%).. Constituency results for the 2011 Irish Judges Remuneration Referendum..

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  • Title: The Economy News-Blog
    Descriptive info: The Economy.. European Central Bank Interest Rate: 1.. CSO Irish Standardised Unemployment Rate: 14..

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  • Title: Full Details of the November 2011 Italian Austerity Package
    Descriptive info: November 2011 Italian Austerity Package.. Full Details of the November 2011 Italian Austerity Package.. Italian Ministry of the Economy and Finance logo.. Image: Ministero dell'Economia e delle Finanze.. This is the full text from.. a PDF which was released by the Italian Ministry of the Economy and Finance.. , which announces Parliament-approved additional austerity measures for the period between 2011 and 2014.. Silvio Burlesconi had said that he would not resign until these measures were approved by both houses, such was the billionaire's vigor for imposing austerity on his less-well off public.. What follows is the entire text/data from the announcement by the Italian Ministry of the Economy and Finance (Ministero dell'Economia e delle Finanze):.. ITALY DELIVERS.. On September 14, the Italian Parliament approved a supplementary budget that will allow Italy to reach a balanced budget already in 2013.. According to its Stability Programme, approved by the Government on the 13th of April 2011 and approved by Parliament at the beginning of May 2011, the Italian Government committed to reach the Medium Term Objective of close-to-balanced budget in 2014.. This would have implied an additional fiscal adjustment corresponding to a cumulated 2.. 3pp of GDP in 2013-2014 or a steady 0.. 8pp adjustment per year in cyclically-adjusted terms.. Italy's GDP was projected to rise 1.. 1% in 2011, 1.. 3% in 2012, 1.. 5% in 2013 and 1.. 6% in 2014.. These budget plans were approved by the EU Council on the 12th of July 2011 and commented positively by all major international organisations.. Consequently, in July the Italian Government introduced the planned fiscal adjustment by Decree Law no.. 98/2011 then converted into Law no.. 111/2011.. Budget measures amounted to a cumulative 48 billion, allowing the achievement of a close-to-balance budget by 2014, as agreed at European level.. Then, in mid-August, with the resurfacing of tensions in financial markets and the widening of Italy's government bond yield spreads, the Government introduced a supplementary fiscal package by Decree Law no.. 138/2011.. The additional package increased the cumulative fiscal adjustment to 55.. 4 billion, frontloaded the adjustment to 2012 and 2013 and balanced the budget already in 2013, one year in advance than previously expected.. Last week, the Upper House further strengthened the package.. The overall fiscal adjustment now amounts to a cumulative 59.. 8 billion, the equivalent of around 3.. 4% of GDP.. Taking into account forthcoming revisions of macroeconomic projections, this is consistent with the balance budget target for 2013.. On the expenditure side, measures include cuts in central government expenditure, implementation of the public spending review, reform of the tax system and welfare by way of an Enabling Act.. Consolidation  ...   1 month in 2012, 2 months in 2013 and 3 months in 2014.. In addition, in 2012 and 2013, pension benefits five times above the minimum will not receive any indexation to price inflation for the part of the pension exceeding three times the minimum.. Up to this threshold, the indexation to price inflation will be reduced to 70%.. On the revenue side, there is an increase in the ordinary VAT tax rate from 20 to 21%.. Taxation on financial assets is set to 20% (with the exception of public debt instruments which remain taxed at 12.. 5%).. The increase in taxation on oil products, which has been introduced on a temporary basis, is now permanent.. Further measures have been introduced to fight tax evasion, including limiting cash transactions to amounts below 2,500 and harsher penalties in case of payment of professional services without proper invoicing.. In addition, higher revenues are expected from lottery and excise taxes.. A special tax on the energy sector is introduced to lighten the burden of cuts to local governments in the first year and then contribute to the overall correction later on.. A 3 percentage point tax surcharge is introduced for incomes above 300,000.. Significant reforms are introduced to enhance potential growth.. The structure of central and local government and administration is considerably simplified and its costs reduced.. A constitutional amendment is foreseen for the elimination of one layer of government, i.. e.. Provinces.. Competition in local public services is strengthened by limiting the direct ownership of public utilities by local authorities and incentivising privatisation of publicly-owned companies.. Other measures relate to the reduction of red tape for firms and the allowance of more flexible labour contracts, strengthening the company level bargaining.. A mandate is given to the Government to reorganise the structure of judicial offices with the aim of cutting expenditure as well as increasing efficiency.. Finally, the Government has already started the Constitutional process of introducing a balanced budget rule.. Overall Fiscal Adjustment 2011-14.. 2011.. 2012.. 2013.. 2014.. Net Increase in Revenues ( bn).. 6.. 16.. 7.. 19.. 4.. 18.. 8.. of which increase in VAT ( bn).. 4.. 2.. - taxation on financial assets ( bn).. 0.. 1.. 5.. 9.. - excise, lotteries, stamp duties etc.. ( bn).. 5.. 7.. - local tax on energy sector ( bn).. Net Decrease in Expenditure ( bn).. 21.. of which cuts in ministries expenditure ( bn).. 3.. - transfer to local governments ( bn).. - pensions ( bn).. 3.. Cuts in tax expenditure (safeguard) ( bn).. 20.. Impact on Primary Balance ( bn).. 54.. 59.. % of GDP.. DOWNLOAD (TEXT/DATA - OFFICIAL TRANSCRIPT) IN PDF FORMAT..

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