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Italian Government Debt
The Italian government debt is the public debt owed by the government of Italy to all public and private lenders. This excludes unfunded state pensions owed to the public. , the Italian government debt stands at €2.1 trillion (131.1% of GDP). Italy has the lowest share of public debt held by non-residents of all eurozone countries and the country's national wealth is four times larger than its public debt. Composition The Italian public debit is in 2017 owned by the private sector only for the 6% of the total amount. This percentage decreased a lot from 1988, where this share was 57%. History and government action 2010 Italy ran a budget deficit of 4.6% of GDP in 2010. Italian debt was almost 120% of GDP ( $2.4 trillion in 2010). This led investors to view Italian debt bonds as a risky asset. 2011 On 15 July and 14 September 2011, Italy's government passed austerity measures meant to save €124 billion. On 8 November 2011 the Italian bond yield was 6 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Debt
A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt. In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to the global financial crisis of 2007–2008, and the COVID-19 pandemic. The ability of government to issue debt has been central to state formation and to state building. Public debt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Debt By Country
A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a means by which organizational policies are enforced, as well as a mechanism for determining policy. In many countries, the government has a kind of constitution, a statement of its governing principles and philosophy. While all types of organizations have governance, the term ''government'' is often used more specifically to refer to the approximately 200 independent national governments and subsidiary organizations. The major types of political systems in the modern era are democracies, monarchies, and authoritarian and totalitarian regimes. Historically prevalent forms of government include monarchy, aristocracy, timocracy, oligarchy, democracy, theocracy, and tyranny. These forms are not always mutually exclusive, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of Italy
The government of Italy is in the form of a democratic republic, and was established by a constitution in 1948. It consists of legislative, executive, and judicial subdivisions, as well as a Head of State, or President. The Italian Constitution is the result of the work of the Constituent Assembly, which was formed by the representatives of all the anti-fascist forces that contributed to the defeat of Nazi and Fascist forces during the Italian Civil War. Article 1 of the Italian constitution states: ''Italy is a democratic Republic founded on labour. Sovereignty belongs to the people and is exercised by the people in the forms and within the limits of the Constitution''. By stating that Italy is a democratic republic, the article solemnly declares the results of the constitutional referendum which took place on 2 June 1946. The State is not a hereditary property of the ruling monarch, but it is instead a '' Res Publica'', belonging to everyone. The people who are called to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eurozone Crisis
The euro area, commonly called eurozone (EZ), is a currency union of 19 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented EMU policies. The 19 eurozone members are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The eight non-eurozone members of the EU are Bulgaria, Czech Republic, Croatia, Denmark, Hungary, Poland, Romania, and Sweden. They continue to use their own national currencies, albeit all but Denmark are obliged to join once they meet the euro convergence criteria. Croatia will become the 20th member on 1 January 2023. Among non-EU member states, Andorra, Monaco, San Marino, and Vatican City have formal agreements with the EU to use the euro as their official currency and issue their own coins. In addition, Kosovo and Montenegro ha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Italian Welfare State
The Italian welfare state is based partly upon the corporatist- conservative model (as described by Gøsta Esping-Andersen, one of the world's foremost sociologists working on the analysis of welfare states) and partly upon the universal welfare model. Main features Health care In 1978, a health reform introduced the National Health Service (''Servizio Sanitario Nazionale'' – SSN), a term inspired by the National Health Services in the United Kingdom. The SSN is a public and universalistic system aimed at guaranteed healthcare for all citizens. It was planned to be an entitlement and was not means-tested. Later, the financial situation urged to introduce user charges in order to avoid wastages, even if this might lead to inequalities, and means-testing for common tests and medicine. In 1992 a major reform allowed citizens to pay higher fees in order to receive private services within the SSN; by this way, public spending decreased. Today the SSN is financed both by di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In Italy
Taxation in Italy is levied by the central and regional governments and is collected by the Italian Agency of Revenue (Agenzia delle Entrate). Total tax revenue in 2018 was 42,4% of GDP. Most important earnings are: income tax, social security, corporate tax and value added tax. All of those are collected at national level, but some of those differs across regions. Personal income taxation in Italy is progressive. Income tax Employment income is subject to a progressive income tax, IRPEF (''Imposta sul reddito delle persone fisiche'') applying to all workers. By government is set tax rate according to income, but the regions can add an additional 0.7% to 3.33%. Each region not only has a regional income tax, a municipal income tax can be levied which ranges from 0.1% to 0.9%. Municipalities can also establish progressive tax rates applicable to the national income bracket. In 2018, the personal income tax rates were as follows: Individuals are considered resident for tax purp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banca D'Italia
The Bank of Italy (Italian: ''Banca d'Italia'', informally referred to as ''Bankitalia''), (), is the central bank of Italy and part of the European System of Central Banks. It is located in Palazzo Koch, via Nazionale, Rome. The bank's current governor is Ignazio Visco, who took the office on 1 November 2011. Functions After the charge of monetary and exchange rate policies was shifted in 1998 to the European Central Bank, within the European institutional framework, the bank implements the decisions, issues euro banknotes and withdraws and destroys worn pieces. The main function has thus become banking and financial supervision. The objective is to ensure the stability and efficiency of the system and compliance with rules and regulations; the bank pursues it through secondary legislation, controls and cooperation with governmental authorities. Following a reform in 2005, which was prompted by takeover scandals, the bank has lost exclusive antitrust authority in the credit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mario Monti
Mario Monti, (born 19 March 1943) is an Italian economist and academic who served as the Prime Minister of Italy from 2011 to 2013, leading a technocratic government in the wake of the Italian debt crisis. Monti served as a European Commissioner from 1995 to 2004, with responsibility for the Internal Market, Services, Customs and Taxation from 1995 to 1999 and for Competition from 1999 to 2004. Monti has also been rector and president of Bocconi University in Milan for many years. On 12 November 2011, in the midst of the European sovereign debt crisis, Monti was invited by President Giorgio Napolitano to form a new technocratic government following the resignation of Silvio Berlusconi. Monti was sworn in as Prime Minister on 16 November 2011, just a week after having been appointed a Lifetime Senator by President Napolitano, and initially became Minister of Economy and Finances as well, giving that portfolio up the following July. From 16 May 2013 to 17 October 2013, M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of Italy
The government of Italy is in the form of a democratic republic, and was established by a constitution in 1948. It consists of legislative, executive, and judicial subdivisions, as well as a Head of State, or President. The Italian Constitution is the result of the work of the Constituent Assembly, which was formed by the representatives of all the anti-fascist forces that contributed to the defeat of Nazi and Fascist forces during the Italian Civil War. Article 1 of the Italian constitution states: ''Italy is a democratic Republic founded on labour. Sovereignty belongs to the people and is exercised by the people in the forms and within the limits of the Constitution''. By stating that Italy is a democratic republic, the article solemnly declares the results of the constitutional referendum which took place on 2 June 1946. The State is not a hereditary property of the ruling monarch, but it is instead a '' Res Publica'', belonging to everyone. The people who are called to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Silvio Berlusconi
Silvio Berlusconi ( ; ; born 29 September 1936) is an Italian media tycoon and politician who served as Prime Minister of Italy in four governments from 1994 to 1995, 2001 to 2006 and 2008 to 2011. He was a member of the Chamber of Deputies from 1994 to 2013, and has served as a member of the Senate of the Republic since 2022, and previously from March to November 2013, and as a Member of the European Parliament (MEP) since 2019, and previously from 1999 to 2001. Berlusconi is the controlling shareholder of Mediaset and owned the Italian football club A.C. Milan from 1986 to 2017. He is nicknamed ''Il Cavaliere'' (The Knight) for his Order of Merit for Labour; he voluntarily resigned from this order in March 2014. In 2018, ''Forbes'' ranked him as the 190th richest man in the world with a net worth of US$8 billion. In 2009, ''Forbes'' ranked him 12th in the list of the World's Most Powerful People due to his domination of Italian politics throughout more than twenty ye ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bond Market
The bond market (also debt market or credit market) is a financial market where participants can issue new debt, known as the primary market, or buy and sell debt securities, known as the secondary market. This is usually in the form of bonds, but it may include notes, bills, and so on for public and private expenditures. The bond market has largely been dominated by the United States, which accounts for about 39% of the market. As of 2021, the size of the bond market (total debt outstanding) is estimated to be at $119 trillion worldwide and $46 trillion for the US market, according to Securities Industry and Financial Markets Association (SIFMA). Bonds and bank loans form what is known as the ''credit market''. The global credit market in aggregate is about three times the size of the global equity market. Bank loans are not securities under the Securities and Exchange Act, but bonds typically are and are therefore more highly regulated. Bonds are typically not secured by co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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