Archive for November, 2008

Italian Social Card : Robin Hood Tax

The new Italian social card launches in January 2009. Blue, no holder’s name and aimed at the Italian families and elderly. The latest idea of Italian economic minister Giulio Tremonti. Like a pre paid card the state will top up with 40 euros a month. Early birds whom get their card before the end of the year will get the last 3 months of the year added for a total of 120 euros.

Available to :

60-69 year olds with annual earnings not above 6,000 euro

Over 70’s with annual earnings upto 8,000 euros

Families with kids under 3 years old and annual earnings upto 6,000 euros.

Can be used to buy food, pay electricity bills and some shops even give a 5% discount to users.

If you want to apply for one go to your local post office with your modello ISEE ( “in need” document : you get this from either your local INPS, council or CAF offices.)

If you want to buy a property in Italy the social card can not be used

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Italian government financial support reduces from EUR80 Billion.

Salemi 1 euro house Sicily

At nearly 105% of gross domestic product, Italy has the highest debt in Europe compared to the size of its economy, limiting the government’s ability to cut taxes and raise spending in a bid to lift the economy.

Silvio Berlusconi’s cabinet is this week set to review what the Italian premier dubbed an EUR80 billion stimulus package, but most of the funds have already been accounted for as E.U. money or in the Italian budget and maybe it will only be EUR4 Billion allocated to family support.

Italy‘s economic recession is likely to extend through much of 2009 due to lower demand and tighter lending conditions resulting from the global financial crisis, the Organization for Economic Cooperation and Development said Tuesday.

In its bi-annual outlook report, the Paris-based organization of the world’s 30 most industrialized countries said it expects Italy’s gross domestic product to contract by 0.4% this year and by 1% in 2009. A recovery in Europe’s fourth-largest economy is expected only in 2010, when GDP is forecast to grow by 0.8%.

In June, before the international financial crisis deepened, the OECD had predicted that the Italian economy would expand by 0.5% in 2008 and by 0.9% in 2009.
“The recessionary forces affecting the whole OECD area come at a bad time for Italy, which was already suffering from a long period of low growth,” the OECD said.
It warned the financial turmoil was hitting an economy already weakened by several years of low productivity growth, deteriorating competitiveness and high public debt.

Out of its 30 member countries, the OECD expects only Iceland, Ireland and the U.K. – which are expected to be strongly hit by the financial crisis – to see their economies contract by more than Italy’s 1% rate in 2009. The economy of the 15-country euro area, which includes Italy, is seen shrinking 0.6% next year.

The OECD predictions are worse than those of the IMF, which Nov. 6 forecast Italian GDP would shrink by 0.2% this year and 0.6% in 2009, and of the European Commission, which Nov 3 predicted zero growth for both years.

Italian GDP shrank by a quarterly 0.5% in July-September, the largest decline since 1998, after contracting by a downwardly revised 0.4% in the second quarter, preliminary data from statistics office ISTAT showed Nov. 14.

Italy’s unemployment rate, which has been constantly falling for more than a decade to hit a 6.2% low in 2007, is expected to rise to 6.9% in 2008, 7.8% in 2009 and 8% in 2010 as a result of the economic recession.

Although Italian banks are less exposed to the household property market, profits have been hit sharply by the financial turmoil and higher inter-bank rates. As a result, credit conditions for Italian households and companies are tightening like in other countries, the OECD said.

“With high public debt, further fiscal tightening is inevitable – the consequences of excessive debt can be clearly seen in the recent widening of sovereign interest rate spreads,” the organization said.

The spread between Italian 10-year government bonds and equivalent German ones Oct. 31 hit their highest level since the start of the euro currency as investors sought safety away from countries like Italy with weak public finances.

At nearly 105% of gross domestic product, Italy has the highest debt in Europe compared to the size of its economy, limiting the government’s ability to cut taxes and raise spending in a bid to lift the economy.

Silvio Berlusconi’s cabinet is this week set to review what the Italian premier dubbed an EUR80 billion stimulus package, but most of the funds have already been accounted for as E.U. money or in the Italian budget and maybe it will only be EUR4 Billion allocated to family support.

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Salemi “1 euro houses” project

Latest news from Salemi regarding the 1 Euro house regeneration project in Salemi, Sicily, Italy.

So are you still keen to buy a house in Italy ???

The offer is finally starting to materialise after a few months of doubting belief.!!!!

If you haven’t applied yet or doubted the offer ACT QUICKLY before you miss out. Upgrade to MIPC Salemi premium service and we will personally process your letter of intent, so you too can be considered for a 1 Euro house in Salemi, Sicily.

mipc - get a 1 euro house

MIPC is now an official partner of the Salemi council.

For those of you who used the MIPC Salemi 1 euro house free service to submit a letter of intent for the 1 euro house in Salemi you should have, by now, recieved an email copy of your letter in .pdf format from MIPC, with a registration number on the letter,  that is assuming you submitted a correct email address at the time. [Latest applicants will be recieving their copies over the weekend].

On wednesday the council of Salemi sent to all the registered interested parties an invite to participate in a UK TV documentary been produced by If you are intreseted in been one of the protaganists of this documentary then i hope you have forwarded your interest to them. If you need further details email MIPC or go directly to the contact there is Owen O’Shea.

This morning the Salemi council emailed all the registered interested parties an invite to reply to them with a “letter of introduction” about yourself. If you are an MIPC free user, as explained at the time, your relationship is now directly with the council. (unless you want MIPC to act on your behalf) Good luck I’d advise you to send your letter of introduction asap.

For MIPC free users who now may feel a little lost on what now to do then either relate directly with the council or if you wish MIPC to act on your behalf then upgrade to an MIPC Salemi Premium member and take advantage of MIPC’s official partner relationship with the council. I have spoke to the council this morning and have a good indication of the information they are seeking from you.

Of course all existing MIPC Premium users and those of you who have already upgraded will be receiving an email with further details on the next step to guarantee your participation in the offer of a 1 Euro house in Salemi.

Here is a copy of the email sent to interested parties with directions to follow to proceed to the next step in acquiring a 1 Euro house in Salemi.

Dear friends,

The Mayor, the Aldermen and the entire administration of Salemi thank you for the interest in our project “case a 1 euro” (1 euro houses)

Thousands of people contacted us for information about the project and soon we will be able to describe the application process.

We would like to know you better, so please send us a letter of introduction to this mail address:

The rebuilding of Salemi does not end in restructuring the Old Town.

We want to give new life to the city starting with who will be its new inhabitants.

Tell us about yourself, your business, your family, we would like to know why you want to come to Salemi and how you intend to bring life to the city.

We hope to share with you our passion in creating a new Salemi.

We wait for you.

L’Assessore alla Creatività

Il Sindaco

Oliviero Toscani

Vittorio Sgarbi

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Mafia Inc. 7% of Italian GDP. Business in Italy

Announced by the Italian national retail services association, Confesercenti, in a report “Crimes hold on business” the 4 main mafia organisations turnover 130 billion euros. Mafia Inc. has net profits of 70 B Euros, and turns over more than the Italian company Eni.
Ex mafia boss, Riina’s house, near Corleone in Sicily was recently sequestered by the Italian anti-racket federation and has been turned into an agriturismo.
In the current economic climate as banks squeeze on credit, businesses are turning to loan sharks. Italian Finance Minister, Tramonti, recently announced that though Italian banks have not suffered from the subprime crisis the Italian government will be pumping financial support into the economy prior to Christmas. The Italian bank Unicredit today announced profits of 551M euros, 150M more than financial analysts expected.

As the Beckhams start their search to buy a property in Italy, the market is expected to hold strong, as international investors follow the celebrities.
Visit Italian property for investment opportunities in Italy.

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Ryanair emergency landing Rome Ciampino, Italy.

A Ryanair plane flying from Frankfurt made an emergency landing at Rome’s Ciampino airport this morning. Passengers to Italy heard a bang as a the plane flew in to flock of birds, starlings. The left wing landing equipment failed to operate correctly as the plane skidded to a halt.

The airport was closed and other flights were directed to Rome’s Fiumicino. None of the passengers who all exited the plane via the emergency shoutes were seriously injured.

Ryaniar the low cost budget airline has successfully opened up access to Italy over the last few years with regular flights to many of Italy’s major cities.

mipc - get a 1 euro house

MIPC understand that Ryanair is expanding its flights to Trapani in Sicily, increasing access to international property investors whom wish to buy a house in Sicily, Italy.

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