Elsa Fornero, Italy Welfare Minister, In Tears Over Austerity Sacrifices

ROME (Reuters / December 4) - Italy's welfare minister Elsa Fornero was reduced to tears at a news conference on Sunday as she outlined tough reforms to pensions contained in the government's plan to regain control of strained public finances and help solve Europe's debt crisis.

Under the austerity plan unveiled on Sunday, Italy will raise the minimum pension age for women and men to 66 by 2018, and will scrap annual inflation adjustments for many pensions.

"We had to... and it cost us a lot psychologically... ask for a..." Fornero said, but was unable to complete her sentence as she wiped tears from her eyes.

Prime Minister Mario Monti finished the sentence for her, speaking the word "sacrifice" that she'd been unable say.

(Reporting By Catherine Hornby; Editorial Michael Roddy)

Copyright 2011 Thomson Reuters. Click for Restrictions.

Comments

[Iam Skycake]

04:26 PM on 12/06/2011

Looks like someone with a heart got stuck with the wrong group of people.

[muck-raker]

06:15 AM on 12/06/2011

"Don't Cry for me Argentina"

[ricykwood]

05:08 AM on 12/06/2011

The Greed which has led to these events is unfortunately not confined to Bankers - all professions are contaminated. Also what about the greed of the consumer - we are the ones that wanted bigger cars, bigger TV's and loads of holidays - The bankers just found a way of giving it to us. The politicians especially the socialist types discovered that pandering to greed keeps them in power. Just look at the new Labour 'end of boom and bust' just think about the implications of such a vacuous statement. What they did was criminal - there should be crimes against the economy trials. Powerful perverts that run our institutions should be purged not rewarded like in france. The E.U is sick to the core, and we are all too sick to see how sick we are.

[dado91]

04:58 AM on 12/06/2011

Hi I'm an Italian american born in NY but grown up in Rome...first of all I would like to thank you for joining us criticized, for saying us that we don't pay taxes, for saying that her tears are "crocodile tears" and for the rest. Well, I read a lot of thing about italians: Stupid people, loud people, spaghetti eater, ect ect ect. Now I couldn't help but respond; You don't have wondered how a person can feel after she has made ​​cuts on everything? The people can't buy food, pay bills and other else but she knows it because she's not a politician, she's an economist teacher, an ordinary person like all the other components of the government and they are there just for save us for the crisis, they don't wanna earn money (they've given up their politician salary). She cried because she understand and she feel our sacrifices (our crisis continues for more than 6 years) and you all say: oh, what a pity! Italians don't know what are sacrifices, i'm sorry, is wrong. Obviosly our politician class is really wrong (Berlusconi is the proof) but this team is working for us and for our weal. P.s. We all pay taxes, the rich don't.

[light123]

05:48 AM on 12/06/2011

WHY INCREASE taxes ON THE MIDDLE CLASS & NOT CUT RETIREMENTS PRIVILEGES of ALL POLITICIANS and managers (bankers)?

The whole corrupt Italian system who was hiding behind Berlusconi is STILL there.

The new government DID NOT TOUCH these OBSCENE & UNJUST & UNECONOMIC privileges, BUT they make the "adjustment" on the Italian MIDDLE CLASS. .

In the Italian Parliament, SOME retired with ONLY 1 DAY of WORK (Luca Boneschi now enjoying 3,108 euro/month) . A well-known person who fomented the terrorism in Italy -- Toni Negri -- is enjoying a plushy retirement of thousand of dollars per month, after only 64 DAYS of work & so he can write books telling how much he hates Italy and the world. An Hungarian pornostar -- made Italian just few days before entering Parliament -- Ilona Staller thanks to the machinations of a Radical party & who did NOTHING for Italians, will soon enjoy her golden retirement FOR LIFE after ca 5 years of contributions. There are politicians who are paid with OUR money, up to ca 50,000 USD/MONTH (Dini) , while the government asks EVERYBODY ELSE to contribute 41-43 YEARS BEFORE being able to retire.

Moreover, the Italian government gives out for FREE the TV frequencies to the TV companies (Mediaset et al) , BUT requires ALL Italians to PAY for TV (making them to pay TWICE to see any TV program).

These & others INEQUITIES are a good reason for crying.

[waspbust]

12:25 AM on 12/07/2011

Also, the yUK did not establish Western Civilization nor did it bring it out of the Dark Ages. There is only one country that has done that. The yUK has Italians leading its sports teams and orchestras and their museums are filled with Italian and Roman art. You will see no English art in Italy because it is inferior. Their so-called great architects copied their work from Paladia and Brunelschi. The musical instruments that they use were created by Italians. They eat dog food. You need to think about these things instead of American and yUK propaganda.

[waspbust]

12:25 AM on 12/07/2011

I am sorry that you experienced this. Most of the attacks on Italy and Italian-Americans are from WASPS (White Anglo Saxon Protestants). As an Italian-AMerican who grew up in NYC, I and my family has experienced prejudice from WASPS and Irish-Americans. Never from Blacks, Hispanics/Latinos, Eastern Europeans, or even Germans. Always from WASPS and Wasp Wannabees (the Irish). I can tell you that despite everything that these people have done, I, a professor at the best Med School in America, has treated my students with great care. It is true that my Asian students were much smarter than the WASP students or the Irish students, but I have always treated them in the same way. I truly believe that if it had not been for Jewish Americans I would not be here. The NYC teachers, all Jewish, were inspirational, generous, and very supportive. I am here because of them. I hope the day will come when WASPS experience prejudice. They are the only people in the US (and the Brit relatives) who have had a free ride. Of course, there are the WASPS in the South who still sleep with their relatives and who are obese and disease-ridden, but no one talks about them. They also cost the rest of the nation huge amounts of money because they are lazy and stupid. As an Italian-American you should be proud of Italy has given to the world.

[MA2AW]

11:24 PM on 12/05/2011

I still don't see a tear form her eyes. Maybe the camera is screwed up, but no tears. She might be sad because now people know what type of crooks are running their countries.

[MA2AW]

11:21 PM on 12/05/2011

She wasn't crying while bankruping the country with expensive cars, jewelry, and vacations while lining her pockets. All of them should have their bank accounts wiped out to repay the people. Anyone who served in their government for the past 50 years that is still alive, wiped out. Homes should be sold and so forth.

[InfinteShibumi]

11:12 PM on 12/05/2011

This would be a good time for patriotic Italians to start paying their taxes.

[stargazer13]

10:37 PM on 12/05/2011

when you take from those who have little to begin with !

it,s not called sacrifice

it,s called stealing !

[wrldtrvlr3341]

07:12 PM on 12/05/2011

Just watch. In a nano second, our government will be following suit with similar austerity measures and scrapping our pensions.

[logansteele1]

07:33 PM on 12/05/2011

Probably. Our own Ponzi schemes, government mismanagement and greed are nipping at our heels.

[muck-raker]

04:49 PM on 12/05/2011

Italy will soon find out what Switzerland and Ireland found out. Asked about derivatives tied to Europe at a Wednesday press conference, Ben S. Bernanke, the chairman of Federal Reserve, said that the direct exposure is small but that “a disorderly default in one of those countries would no doubt roil financial markets globally. It would have a big impact on credit spreads, on stock prices and so on. And so in that respect I think the effects in the United States would be quite significant.”

Derivatives traders and analysts are debating just how much money is involved in these contracts and what sort of threat they pose to markets in Europe and the United States. On the one hand, just over $5 billion is tied up in credit-default swap contracts that will pay out if Greece defaults, according to Markit, a financial data firm based in London. That is less than 1 percent the size of Greece’s economy, but that is a conservative calculation that counts protections banks have in place offsetting their positions,

Gold in Sacks and their climb to untold riches in Derivatives will take the World down.

Soon Spain and Portugal will GO:
http://www.nytimes.com/2011/06/23/business/global/23swaps.html?_r=1&pagewanted=all

[Aeons]

06:59 PM on 12/05/2011

The 0.01% saw a chance to shake the World markets to grab up a big share again. They had their cronies in our governments float them the money to do it, by socializing their debt and keeping their profits private.

I have no issues with capitalism. This isn't it. These psychos need to be reigned in before they destroy us.

[fanofariana]

07:22 PM on 12/05/2011

Funny how Marx predicted everything over one century ago.

[Aeons]

09:06 PM on 12/05/2011

Well, when his followers are actively working to make it happen that isn't surprising.

We aren't so stupid that we don't realize that the 0.01% of Marxists make away like bandit princes and work hand in hand with Corporatism.

[Raiderthree]

02:25 AM on 12/06/2011

In any society where everyone holds equal wealth there can be no material incentive to work, because individuals do not receive rewards for a work well done. Incentives (pay) based on effort or skills increase productivity and wealth for all people. You can keep your Marxist ideas where they belong. Dead and gone.

[elcastle]

04:42 PM on 12/05/2011

I just don't get it, why people have to sacrifice when the ones responsible are running around and having a ball - lots of money in their pockets and safe jobs...how is that possible??? More OWS!!!

[logansteele1]

07:28 PM on 12/05/2011

You wouldn't by chance be talking about the Greek citizens who refused to pay taxes and demanded to retire in their 50s would you? That greedy, grabby door swings both ways.

[nayahn]

06:07 AM on 12/06/2011

Demanded to retire in their 50s??? If you don't know ALL Greeks, don't make ignorant comments. I m Greek,I pay taxes and I only know 2 people (in military) that retired in their 50s. Why all this hate? Seriously. Why? If you dont know me, why do you insult me?

[light123]

04:20 PM on 12/05/2011

Austerity Sacrifices for the middle class, certainly NOT for the politicians & financial managers (banks)!

NO EQUITY AT ALL IN THESE SACRIFICES: the Italian parliamentarians are STILL allowed to enjoy retirement from age 60 after ONLY 5 YEARS OF CONTRIBUTIONS.

I'd cried, too, if I'd be an Italian worker (that can retire only after 40+ YEARS OF CONTRIBUTIONS).

Are they looking for a revolution?

[elcastle]

04:43 PM on 12/05/2011

And the ones who caused all the problems are safe and rich and don't have to contribute zip!!!

UNBELIEVABLE!!!!

[Ballenero1117]

03:28 PM on 12/05/2011

Too bad...these cheap politicians should have cried when they promised more than they could deliver...or pay for. Sound familiar? Get ready, US, our turn is coming....

[elcastle]

04:44 PM on 12/05/2011

No they didn't promised more - they promised just right, but somebody stole the Christmas!!!
So we should fix problem by taking away from them...and put it back where it was in the first place...

[logansteele1]

07:32 PM on 12/05/2011

No, they promised more. The entitlements promised, like those in the US, are basically Ponzi scheme activities where future generations are to put in to pay for the present recipients. It doesn't really matter if it is natural disaster requiring more money be spent to repair, better birth control reducing the future numbers to pay in or a financial mess causing that proverbial rainy day to come. Ponzi schemes always fail eventually.

[Virginia Nancarvis]

09:14 PM on 12/05/2011

It is not that our government promised more than it could deliver. There was not much of a problem when taxes were covering the promises/programs. It began to fall apart when revenue fell to an all time low and spending without off setting (paying for it) became the norm. Two wars and a Medicare Part D program completely unpaid for would have been bad enough financially but then to legislate to lower taxes for ten years was unconscionable. Deregulating banks and Wall Street nailed the coffin. The citizens of this country will be paying the price for many years to come because of Congress' neglect and irresponsibility. Congress is suppose to manage and legislate how and where our taxes are used. They have failed miserably.

[PATOISJAM]

02:50 PM on 12/05/2011

The whole financial, political and religious systems are nothing but a house of cards. It does not mean anything to go to a so-called "best schools" if all we end up with are masterminds and genuises of ponzi schemes; and systems that are flawed in every respect. These people are just despots of another kind.

Working until your jowls are resting on your chest is just disgusting.

[Rasheed Kalifani Knowles]

02:16 PM on 12/05/2011

Sacrifice, eh.........For who's sake?

[elcastle]

04:45 PM on 12/05/2011

The ONES in the BANKS who are laughing now - still safe, and rich...and stupid people just will work off their butts for few crooks...

[Rasheed Kalifani Knowles]

06:44 PM on 12/05/2011

Stupid, stupid people indeed.