Seeking Alpha

Italian PM moves to cut taxes, revamp labor market

  • Italian Prime Minister Matteo Renzi has proposed cutting taxes by up to €10B and to reform the labor market as part of an attempt to revive his country's moribund economy and reduce unemployment of a record 12.9%.
  • The government will reportedly pay for the tax reductions by lowering spending, including by cutting the number of Lockheed Martin (LMT) F-35 jets that the armed forces will buy.
  • Meanwhile, the lower house of parliament is set to pass an electoral reform bill designed to make Italy more governable, including by increasing voting thresholds.
  • The FTSE MIB is -0.2%.
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