World Bulletin / News Desk
Italy's national statistics body ISTAT threatened on Thursday to cease issuing data on the economy, saying it had been crippled by government spending cuts aimed at reducing national debt and righting public finances.
The euro zone's third biggest economy, whose statistics are closely watched as the country's huge state debts put it at the center of the bloc's financial crisis, would face stiff European Union fines if the flow of data is cut off, ISTAT President Enrico Giovannini was quoted as saying.
"Spending cuts are putting ISTAT at risk. From January onwards we will not issue any statistics," Giovannini told daily La Repubblica in an interview.
Prime Minister Mario Monti's government has unveiled plans to cut public spending by 4.4 billion euros in 2012, 10.6 billion euros in 2013 and over 11 billion euros in 2014, to be mainly achieved through a planned 10 percent reduction of public administration staff.
Planned government cuts would reduce financing to ISTAT to 150-160 million euros by 2013 from 176 million euros currently, Giovannini said. He said that was half what is set aside for national statistics in France and one-third of what available in Nordic countries.
Giovannini called the planned cuts "unsustainable".
He said ISTAT produces 300 sets of data a year, up 25 percent from two years ago and 2,000 smaller reports.
Seventy percent of ISTAT's output is aimed at meeting obligations with the EU.
"We will not issue data on inflation, deficit, household income, job data. That will trigger very high EU fines for our country for every day of delay," Giovannini said. "I do not think the government and the parliament will want to get to that point."
The government could finetune its planned spending cuts when it discusses the new budget law in the autumn.
Some ISTAT data releases have been disrupted or delayed in recent weeks by a group of staff members protesting the fact that a promotion they won two years ago has not yet been recognized. Many ISTAT employees are on temporary contracts and would be easier to lay off than permanent staff.
Istanbul's July 15 Martyrs' Bridge and Fatih Sultan Mehmet Bridge yield over $77.3M, while highway tolls earn $243.1M
Turkey's natural gas consumption decreases by 4.74 percent in November year-on-year
Members of the European Parliament's powerful trade committee voted 25 in favour of the deal, known as CETA, with 15 against, during a heated session in Brussels that was interrupted by a protestor.
Data monitoring company IHS Markit said its report suggested the 19-nation eurozone economy was set for solid growth with the new year starting on a strong note.
Central Bank skips repo auction for eight trading day to stem sharp decline in lira's value against other currencies
The December 10 accord obliges around a dozen nations led by Russia that are outside the Organization of the Petroleum Exporting Countries to reduce output by 558,000 barrels per day (bpd).
Turkish Treasury says dollar-denominated bond sale was more than three times oversubscribed
"The bank is weighing transferring up to 1,000 employees to Frankfurt, including traders as well as top bankers," the paper reported, citing financial industry sources.
Frankfurt's DAX 30 index won 0.2 percent compared with the close on Wednesday to 11,624.11 points and the Paris CAC 40 rose 0.1 percent to 4,859.76 .
A weaker yen helped Japanese stocks lead a broad advance across Asian markets as optimism was buoyed by Yellen's remarks on the economy but traders moved cautiously ahead of Donald Trump's inauguration on Friday.
Central Bank skips repo auction for fifth trading day to stem sharp decline in lira value against other currencies
Number of tourists across the world rose to all time high of 1.235 billion last year, World Tourism Organization said on Tuesday.
Turkish central bank has announced to open foreign exchange depot market to enhance flexibility and instrument diversity
While PM promises 'greatest possible' access to EU market, opposition hits out at 'clear break' from Conservative policy
Prime Minister Theresa May is expected to deliver Brexit speech on Tuesday
"Net easing of banks' overall terms and conditions on new loans continued across all loan categories," as in previous quarters, the central bank said in a statement.