Saturday, February 27, 2010


Italy is under investigation by Europe for its fiscal shield (scudo fiscale), invented a few years ago by Berlusconi and his Minister of Economy Tremonti to try to get funds illegally kept abroad brought back to Italy or at least declared. Instead of paying the normal taxes and fines, people would have paid only 5% (a 75/80% discount). It is the third time this happens. There is the suspicion that most of the funds that came out thanks to this law were in fact funds belonging to the organized crime, and that in this way such funds were legally recycled. Another gift to Berlusconi’s friends.

The purpose of the operation was to make money, badly needed by the government and, officially, to bring money back to Italy so that it could be re-invested in productive activities.

We were informed by the ineffable Tremonti that 95 billon € were declared. A success for a country desperately in need of money. And we were made to believe that all this money had been repatriated. Until the Bank of Italy, that is in charge on monitoring flows of money for the balance of payments, revealed that in fact only one third of this money had been brought back. And many people believe that it is mostly money belonging to the organized crime so recycled legally.

Another proof, if any was needed, to show that the Italian government is not more reliable than was the old conservative Greek government.


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