Italian Foreign Minister Breaks Down While Announcing Pension Reform
- Posted on December 5, 2011 at 7:48am by
Jonathon M. Seidl
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Italy is broke. That has obviously been hard for some to stomach. Take Welfare Minister Elsa Fornero, for example. While announcing pension cuts recently, she broke down and couldn’t eve finish her statement:
Business Insider has more, including a slightly different translation from one of its commenters, which seems to be tongue-in-cheek but still sums up the problem:
A commenter translates part of her statement: “I’m sorry. The people who work have no more money to give you. As a result, the pension age will go to 62 years old for woman, and 65 years old for man. No longer can we afford to give you a raise every year for inflation of prices, so you will not get this.”
This comes as Italy‘s new premier must try to persuade a skeptical Parliament that his new plan to cut spending and boost growth will return Italy’s ailing economy to health as Europe enters a crucial week for future of the euro currency.
Premier Mario Monti, an economist, is to brief both Parliament chambers Monday on the package, which includes euro30 billion ($40.5 billion) in spending cuts and tax hikes and euro10 billion ($13.5 billion) spent to boost Italy’s anemic growth.
His government agreed Sunday to slap taxes on primary residences and luxury goods like yachts, expensive cars and private airplanes, increase the age at which retirees can draw full pensions, trim the cost of Italy’s political class and give incentives to companies that hire women and young workers.
The package, passed as an emergency decree, takes immediate effect but Parliament must still approve it within 60 days.
Unions blasted the pension reform as “socially unbearable,” and politicians on all sides said the measures were severe and that they weren’t yet convinced. But many appeared resigned to “holding our nose and voting,” as Maurizio Sacconi, a labor minister under ex-Premier Silvio Berlusconi, put it.
“We still aren’t convinced, especially with regard to women,” said Pierlugi Bersani, head of the center-left Democratic Party, noting that if women take time off to raise children they will have to work well into old age to meet the seniority requirements to draw a pension.
Monti, a former EU commissioner, has been under extreme pressure to come up with speedy and credible measures that will persuade markets to stop betting against the common currency. Italian borrowing costs have spiked since October, which could spell disaster if Italy is unable to keep up on payments to service its enormous euro1.9 trillion ($2.6 trillion) debt, which is equivalent to 120 percent of its GDP.
Italy needs to refinance close to euro200 billion ($270 billion) of that debt by May.
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Comments (115)
Ironeagle
Posted on December 5, 2011 at 8:56amWe’ll I guess we know how Susie, panty-waist, Socialist know how it feels to run out of other people’s money.
Report Post »tmplarnite
Posted on December 5, 2011 at 7:31pmElsie panty wast socialist…is crying because she won’t get to steal any more of the workers money to give to the non working welfare slugs…the bag is empty….Coming attractions to the US of A!!!
Report Post »TheCoffinMaker
Posted on December 5, 2011 at 10:51pmThe devil was beginning to appear through her forehead.
…the underlying weaver at the core of socialism.
Report Post »Dadwithallthecoolstuff
Posted on December 6, 2011 at 8:09amShe is crying because thier “social experiment” blew up in thier lazy speghetti eating faces ! HA HA.I love when the left is proven wrong and thier utopia comes crashing down on thier empty heads..There is a God !
Report Post »Secret Squirrel
Posted on December 6, 2011 at 9:22am.
Report Post »An Oscar winning performance.
Nancy Pelosi is jealous and rehearsing her speech even as we speak.
Jenny Lind
Posted on December 5, 2011 at 8:47amWell, that train is coming here, and all the taxes on the “rich” won’t fix it or change it. Obama uses the rich so when all hell breaks loose he will have someone to blame-and of course the republicans who think they should keep their money. If I were rich, I would be leaving the country before he comes up with an executive order they can’t move and take their money with them. Bet money that’s coming too. I feel sick in the pit of my stomach that he is so evil to push class warfare, and I am as far from rich as you can get.
Report Post »SpankDaMonkey
Posted on December 5, 2011 at 9:27am.
Report Post »Suck it up Nancy, I mean Elsa……………
Vechorik
Posted on December 5, 2011 at 9:35amI’m not laughing — America is going to face the same situation and it will me riots in the street 10 times worse than the occupiers!
Candidates have to understand that “business as usual” is at an end as far as finances. Time for drastic changes and I’d rather it be in areas other than government assistance. Like Ron Paul says — cut unnecessary spending in defense, 5 departments of the US, so people can keep their checks as America transitions.
Report Post »cemerius
Posted on December 5, 2011 at 9:49amYeah keep raising the “retirement age” so all the Social Security monies in the general Fund will continue to flow into “social programs”!!! What I don’t understand here is that their is a different retirement age in Italy for men and women!
Report Post »Ruler4You
Posted on December 5, 2011 at 10:20amI‘ll bet her pay hasn’t been “reformed.”
Report Post »db321
Posted on December 5, 2011 at 11:03amOh American’s know exactly how you feel – most American have had to make major cuts in our personal lives – it’s not easy, it hurts, but it must be done.
Or you can do what our elected officials do – borrow more and kick the can down the road.
Report Post »turkey13
Posted on December 5, 2011 at 11:10amTell her to not worry – Super obama will swoop in and save the day. We will just fire up the presses at the mint and run 24/7.
Report Post »eyestoseeearstohear
Posted on December 5, 2011 at 11:39am@ SPANDAMONKEY
Don’t you worry your pretty little head –
You can BET Nancy‘s Pension WON’T be affected, like that.
The Gang HERE have stolen enough money FROM US- to live happily ever after, FOREVER.
That’s WHERE & WHY money is MISSING – DISAPPEARING – AND DEALT & HANDED OFF
BEHIND CLOSED DOORS IN SECRET.
Ole’ Nancy and the Gang are SETTING PRETTY – WE AREN’T!
Report Post »Nervous Investor
Posted on December 5, 2011 at 12:43pmJennyLind, you are very right. This has happened around the world as (often) charismatic leaders experimented with Socialism by whatever flavor it was called …. Democratic Socialism, Market Socialism, Communism and so on….
IN some countries people were not allowed to emigrate with anything at all …. in others the limite was US$50 (yes, that is FIFTY dollars per YEAR).
Report Post »bronco83
Posted on December 5, 2011 at 4:55pmYa it`s better that the income despairety between the rich and the rest of Americans stays as big as it was before the great depression.The rich dosen`t need SS,medicare,medicade,public education,etc,but the rest of us do. WAKE UP BEFORE IT`S TOO LATE!!!!
Report Post »southernbelle59
Posted on December 5, 2011 at 6:10pmYes, Obummer is evil and I swear he is the Anti Christ the bible refers to. Rode in on a white horse promising hope and peace. What a liar he is, God help us all. We must vote him out of office because if we don’t, our Republic will be lost. For all the Ron Paul fans, you must not stay home on voting day because he didn’t get the nomination. OBummer has to go!
Report Post »Secret Squirrel
Posted on December 6, 2011 at 9:23am.
Report Post »I just have one question.
What will they do AFTER they spend everyone’s pension?
MrKnowItAll
Posted on December 5, 2011 at 8:42amHard to Post most of the time!!!!!!!!!! Need to fix this BLAZE.
Report Post »Choctaw25
Posted on December 5, 2011 at 9:41amThe Blaze staff is too busy editing the comments that are posted to recognize a problem with their bandwidth. I don’t think that Glenn is aware how liberal some of his employees are. If they don’t like it, they pull it.
Report Post »They are performing the same acts, he is fighting against.
thekuligs
Posted on December 5, 2011 at 10:22amChoctaw25 your comments could have been reported–personally I have never reported anything that wasn’t SPAM but I believe if your comment is reported X number of times it is automatically deleted. Lots of sites have this feature–even if it seems to give trolls power I get how it is needed sometimes.
Report Post »babylonvi
Posted on December 5, 2011 at 11:33amThat’s what you get for hiring an ex- Huffpo drone as chief of the site. Or maybe, just maybe, Glenn’s new touchy-freely approach is just part of a new liberal trend?
Report Post »Detroit paperboy
Posted on December 5, 2011 at 11:40amItaly, coming soon, to a theatre near you !!!
Report Post »eyestoseeearstohear
Posted on December 5, 2011 at 12:02pm@ MRKNOWITALL
@ CHOCTAW25
You’re right!
Heck, most of MY POST have the words –
“ YOUR COMMENT IS AWAITING MODERATION” or something to that effect.
That is, IF they are posted, at all. ( Hahahahaha)
That’s OK…I’m gonna say what I mean anyway.
Report Post »MrKnowItAll
Posted on December 5, 2011 at 8:41amShelby Twp, Michigan. Like so many other Townships and City’s. Police and Firemen are retiring at 45 years old with pensions over $100,000 and full medical for their entire family. These retired Police and Firemen show up at the council meetings and make open threats and statements that they worked and deserve that pension ever since the Treasurer told the REAL Stats on the pensions having Millions in Shortfalls and it’s unsustainable. All these pensions were promised years ago by now dead and gone leaders who knew they would not be here when it was time to pay the piper. They refuse to take any concessions. So I say let it go dry and let them get nothing. My Dad had four pensions. The two highest went dry. He ended up with two that equaled $320 month. He never cried about that. It’s called Manning Up for the good of all.
Report Post »Choctaw25
Posted on December 5, 2011 at 9:52amYou are just a lying union busting pig, who wants to see all the Police and Fireman and Teachers lose everything they have worked so hard for.
Report Post »HEY, Democrat National Committee, did I get it right? Did I follow the old party line to a tee? Send my check to: sunny Florida where I retired too and am living in a community with an HOA, which prohibits the flying of the American flag, which I wrapped myself in every time that Union negotiations were taking place. Just like my fellow union members are doing now.
kindling
Posted on December 5, 2011 at 10:14amI know what you say is true and to make matters worse some of these retired people take another job that could be filled by someone that truly needs that job. There is NO EXCUSE for anyone to retire before 70 years old when they are retiring on someone elses money. The school district where I live is struggling with money just like all the others around California. The superintendent says he may be forced to make teachers and support staff pay SOMETHING toward their medical care. THEY ALL PAY NOTHING! I, on Medicare, pay a co-pay and a monthly premium. I get some of the worst care, very long waits and they get the best offered in the area.
Report Post »notreally
Posted on December 5, 2011 at 2:25pmMy friend just turned 82. He’s been retired for 32 years. He was a NY cop, a lieutenant. His pension is between 80 and 100k. He has Cadillac health care.
You’re correct. We are heading over the cliff.
Solution? No unionized government employees get a pension until they’re 65, like the rest of us shlubbs.
Anyone want to bet that I’m wrong here? That this whiney government parasite is driven around in a limo? She flies First Class, stays in five star hotels, lives in a rich neighborhood and will have a pension like my NY cop friend?
There’s one characteristic all liberals, socialists and demcrats share: Their elitist leaders never “redistribute” their wealth. They ALWAYS make out.
To the barrackades!!!
Report Post »Tankertony
Posted on December 5, 2011 at 8:41amThe Welfare Minister in tears…… I CAN’T STOP LAUGHING>>>
Report Post »Texas Chris
Posted on December 5, 2011 at 1:42pmI hope you bought gold when it was cheap… and a little food, water, and ammo.
Report Post »matinva
Posted on December 5, 2011 at 8:37amOh, poor baby! The leeches are going to have to loosen their grip on the throat of the taxpayer. Boo hoo!! The perfect ending to this news piece would be to see someone walk in from off-camera and dump a bucket of cold water on her head and say, “Wake up!”
Report Post »djmaine
Posted on December 5, 2011 at 8:35amFuzzy Math only works so long when it comes to money. Eventually you run out of money AND credit.
Report Post »TXPilot
Posted on December 5, 2011 at 8:41amTime to tighten the belts in Italy….I guess Italians are going to be eating alot of Ramen for awhile……really, it is pasta….well, sorta….
Report Post »AZindependent
Posted on December 5, 2011 at 8:46amWonder if Obama or one of the republicans will shed a tear in couple of years when they cut pensions and social security payments? Inflation indexing freeze is easy (we do that all the time) just manipulate the inflation formula (take out food and energy) overweight cost of housing, voila no more inflation. We will keep the checks coming, they just won’t buy very much.
Report Post »Stoic one
Posted on December 5, 2011 at 10:22amTXPILOT
screw Italy, we need to tighten our belts now or we will be glad to eat Ramen.
Report Post »The Bove
Posted on December 5, 2011 at 8:34amWhat did they think was going to happen? And why are we hell bent on following this path? Apparently, I’m an economic savant. Sad that a regular Joe like me gets it, and those in charge don’t.
Report Post »Sicialian Eyeball
Posted on December 5, 2011 at 8:32amI guess the gravy train has officially run off the tracks!
Report Post »tex123
Posted on December 5, 2011 at 8:28amOh, boo hoo, they‘ll have to work until they’re 62??? Well into old age??? Thanks a lot, I‘m 50 and 62 doesn’t look all that old anymore. Get used to working until you drop or save enough yourself without government help. That woman looks pretty close to 60 herself, is that what she‘s crying about or is it so that she seems so sympathetic to the cause that she won’t be dragged into the streets when the riots happen.
Report Post »Ookspay
Posted on December 5, 2011 at 8:24amOh dear God No! What will happen next a 35 hour work week? No more paid 30 day vacations? Oh the the horror! Will Spain have to end the SIESTA? Wahh waaa waaa !
Report Post »ares338
Posted on December 5, 2011 at 8:21amSee how sad socialists get when they have to give up other peoples’ money. Tears of regret flow like rain swollen rivers!
Report Post »hi
Posted on December 5, 2011 at 8:19amWho invented pensions? We need to stop any new pensions immediately and raise the age one receives them for those in the system already.
Report Post »Snowleopard {gallery of cat folks}
Posted on December 5, 2011 at 8:15amThey have the minister break down over this announcement? What is going to happen here in the US among the people when Obama makes his final move and installs the dictatorship or a China style of communist governance?
How soon will the rage of the people arise then?
Report Post »Anonymous T. Irrelevant
Posted on December 5, 2011 at 8:45amNot soon enough for me. I have been full of rage since January 2009. I listened to reports of Obama, I knew what the man-child was. I ws sick when the last man was McCain and then the rage started with the debates, when McCain laid down and let Obama run all over him.
Report Post »Jenny Lind
Posted on December 5, 2011 at 8:51amA irrelevat- you went throgh the same feelings I did. I knew who he was at that point and the day he was elected I cried and went on a rant, I knew what was coming, and it has.
Report Post »Jenny Lind
Posted on December 5, 2011 at 8:55amA p.s., I won’t go down without a fight either, I have to, for my family, and my love of this country. As the guy at our tea party said” I wasn’t born in a socialist country, I won’t live or die in a socialist country, and neither will my kids and grandkis”.
Report Post »Jenny Lind
Posted on December 5, 2011 at 9:07amSorry-spelling always get’s bad when I get crazed with frustration.
Report Post »bdwatcher
Posted on December 5, 2011 at 9:28amThere has been so many things that I just can’t wrap my head around since he was elected. Outrage is not the right word. We need to get to the elections… They can’t come soon enough. I just hope we get there.
Report Post »eyestoseeearstohear
Posted on December 5, 2011 at 11:55am@ ANONYMOUS T. IRRELEVANT
You and me, both. I screamed, tellingEVERYONE not to vote for Obama in 2008.
I COULDN’T bring myself to vote for him- and YES, I held my nose and voted for
McCain, The Lab Rat.
I call him “ The Lab Rat” because Obama has USED HIM like an experiment.
And, McCain just sits there with a silly grin on his face and lets it happen.
And, WHEN THE LAB RAT WAVIED THE WHITE FLAG TO OBAMA ,
surrendering himself AND US- giving in & up our right to Constitutionally challenge
Obama on EVERYTHING Obama SHOULD & COULD BE Constitutionally challenged on -
ALL OF CONGRESS FELL IN LINE STEP WITH IT.
Obama basically told the Republicans what they COULD & COULD NOT bring up
about him… and they have KEPT THAT COMMITMENT – rendering US helpless.
The Left Wing Media was ALREADY in Obama’s camp – AND NOW – ALL of them are.
Report Post »iac
Posted on December 5, 2011 at 8:15amOblamer and his cronies have been trying to Europeanize America for decades now; all while watching Europe crumble in so many ways.
Report Post »But these same idiots think that they can do it better and differently.
Even though the real-time evidence proves them WRONG !!
dvwrld
Posted on December 5, 2011 at 8:14amIt’s sure going to be a bitch when she has to come out and tell all the Euro is Toast!
Report Post »JQCitizen
Posted on December 5, 2011 at 8:09amWaaah, Waaah:(
WHERE are her sympathies for the HARD-WORKING taxpayers who have to fund these pensions for people who RIOT after being told that they have to WORK to age 50?
Report Post »Posterchild
Posted on December 5, 2011 at 8:05amMargaret Thatcher said it best—”The trouble with Socialism is that, sooner or later, you run out of other people’s money”. She said that nearly 30 years ago–it is not a new concept.
Report Post »Baddoggy
Posted on December 5, 2011 at 8:12amLet the looting and rioting begin! Teat suckers unite! Hope Italy has a lot of tear gas and rubber bullets. They will need them. We have yet to see the real rioting. And it is coming here. It will make the OWS crowd look like a Church picnic.
Report Post »KangarooJack
Posted on December 5, 2011 at 9:22amIf Europeans are smart…I’m buying stock in Louisville Sluggers.
Report Post »Heck, if they were REALLY smart-they wouldn’t rely on a piece of wood to protect themselves from the hordes that are forming.
Striker
Posted on December 5, 2011 at 8:02amUnions blasted the pension reform as “socially unbearable,” That is their problem. They think social fairness has something to do with basic economics. Sorry 2+2=4 every time.
Report Post »Gonzo
Posted on December 5, 2011 at 8:01amAbout time for Il Duce version 2. He will save you Italy.
Report Post »SpankDaMonkey
Posted on December 5, 2011 at 9:26am.
Report Post »And where is that LSU LOGO?
grudgywoof
Posted on December 5, 2011 at 8:01amUnions have a lot to do with it but also the companies who caved under their pressures have some blame as well. Italians love life and free time, retirement is a sign of respect for a well worked life. It’s a world view thing. We Americans are much more akin to the Germans in our work ethic and many of us will never willingly retire. I love to work and hope to do so well into old age. Socialist utopian governments never last and so goes it with the Italians.
Report Post »Baddoggy
Posted on December 5, 2011 at 8:00amI wonder if Obama will cry when he has to tell the Government teat suckers there is no mo‘ other people’s money to send them? It’s coming. They will riot in the streets too. Big cities will burn to the ground and I will say…”I told you so fools!!” Millions will be shot and killed for looting. Some may even starve.
Then we can get back to the restoration of the Republic after all the teat suckers are either working or dead. Happy days ahead!
Report Post »dnewton
Posted on December 5, 2011 at 9:14amWhen the cities burn, the urban planners will have a field day reconstructing the New Utopia with new trains, solar power and windmills. The only way the Japanese got people on trains was to have an economy so war desolated that almost no one could afford a car.
Report Post »Free2speakRN
Posted on December 5, 2011 at 7:59amYou can’t bleed a stone.
Report Post »hauschild
Posted on December 5, 2011 at 7:56amI hope this loser is crying for the people pensions affect most – those that have to pay for those schemes.
Report Post »PATRIOTGRUNT
Posted on December 5, 2011 at 9:56am@ HAUSCHILD : I think I know the answer to your question. She is crying for the takers and not for the producers. She is affraid that she and the other dirt bag politicians will not be able to buy votes. She is woried about getting re-elected. No different than the dirt bag politicians here in the US.
Report Post »tmkphx1962
Posted on December 5, 2011 at 7:51amEven when the country is broke the unions want more. Time to ban ALL UNIONS.
Report Post »Texas Chris
Posted on December 5, 2011 at 1:43pmIt’s not the unions, it’s the government. If government had the rocks to say no, then unions would be confined to actual representation of employees, not political pandering to direct government coersion.
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