August 6, 2011

Balanced Budget Amendment is on the table Italy. Apparently Italians have more of a stomach for reality than the Greeks, Spanish or America.

Via FT:
The country’s debt is equal to almost 120 per cent of gross domestic product.

The Italian government would continue to work on the package through August and parliament could be called back early from its summer recess to pass the necessary legislation, the official said.

The measures included a plan to amend the constitution to make a balanced budget mandatory, a second constitutional change that would force “closed professions” to liberalise services, a speeding up of welfare reforms, and other structural reforms designed to boost Italy’s stagnant economy.

Cuts in the “cost of politics” – including salaries of elected officials and subsidies to political parties – were also on the agenda, which had been agreed in outline with leaders of employers’ associations and trade unions on Thursday.
Let's hope for Italy's sake this happens, and hopefully for America's sake, people learn a lesson form it.

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