And let us not forget Italy…

Pay Cuts ‘Up to 15 Percent’ is turning heads:

The Italian government may move to cut the salaries of public servants by 10 percent, and politicians by 15 percent, in a bid to reduce the country’s growing deficit. According to Italian news reports, managers in public service jobs with salaries totalling at least 100 thousand euros could have their income reduced for two to three years.

Tremonti earlier this month said he aimed to cut the country’s budget deficit by at least 25 billion euros by the end of 2012. The Court of Accounts, which safeguards the management of Italy’s public accounts, said on Wednesday the global financial crisis could result in a 130 million euro drop in Italy’s economic output between 2008 and 2013.

The entire article (it is short) is definitely worth the read.


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