Union leader says Italy on 'verge of collapse'

Country needs 'fiscal shock' to bring back life

Union leader says Italy on 'verge of collapse'

Rome, June 12 - Recession-hit Italy's economic and social situation is on the "verge of collapse" and needs decisive measures, CISL trade union leader Raffaele Bonanni said on Wednesday. Bonanni said at the union's 17th annual congress opening that the country needed "a fiscal shock" to bring it back to life. The country's struggle with high taxes remains one of its principle challenges to overcome for economic recovery to take hold, Bonanni said on Wednesday. The "mother of all battles, the mother of all our troubles, remains the tax issue. We need to reduce income and labor taxes," Bonanni said. The leader of the country's second largest union emphasised that companies investing and hiring young people and the unemployed also need a tax break. This would give a "strong boost to the economy and consumers," he said. Bonanni also encouraged Premier Enrico Letta's left-right government to create family allowances and tax credits for low wage earners. "Resources come from flexibility. "The government must stop further increases in local taxes...and coordinate national and local taxation while increasing the penalties for tax evaders," Bonanni said.

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