Monday, December 5, 2011

Italy Stops Inflation Indexing on Pensions: Minister Cries On TV

Italian welfare minister, Elsa Fornero, broke down in tears as she explained cuts to pensions last night: she was on TV with Mr. Monti explaiining changes to pension system when she could not control herself and started crying. If this is true, pensions will be reduced drastically once inflation resurfaces, which it will one day as money is printed to pay off debts.

Note the caption below, by Mr. Monti himself.


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