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Andrea Orcel, CEO of Unicredit, has launched a surprise €10 billion bid for Banco BPM, offering a minimal premium of 0.5%. This move follows his ongoing efforts to acquire Commerzbank, which is currently stalled due to political uncertainties in Germany. The Italian government is cautiously evaluating the bid, with skepticism about the risks of pursuing two major acquisitions simultaneously.
Giancarlo Giorgetti, the Minister of Economy and Finance, announced a significant boost to the national health care system, with an additional 12 billion allocated over three years, raising total funding from 134 billion in 2024 to 141 billion by 2027. He emphasized that this increase will outpace the growth rate of average per capita spending, reinforcing the government's commitment to healthcare while maintaining control over public spending. Furthermore, 1.3 billion is designated for upgrading and modernizing public health assets from 2027 to 2036, with health expenditures exempt from spending cap revisions.
Italian Finance Minister Giancarlo Giorgetti has engaged the country's wealthiest investors, including billionaire Francesco Gaetano Caltagirone and the Del Vecchio family, to facilitate the return of Banca Monte dei Paschi di Siena SpA to private ownership. Over ten days, he secured support from Banco BPM SpA, along with approvals from the Bank of Italy and the European Central Bank.
Economy Minister Giancarlo Giorgetti announced potential upward revisions for 2024 GDP estimates, citing significant employment growth and a positive outlook. He emphasized the ambitious NATO target of 2% GDP for defense funding, while also detailing increased health spending and expanded parental leave benefits. Additionally, Giorgetti expressed openness to revising tax policies on cryptocurrencies and extending the web tax, while addressing funding concerns for Rome's Metro C project.
Economy Minister Giancarlo Giorgetti expressed skepticism about meeting NATO's 2% GDP defense spending target, projecting figures of 1.57% in 2025 and gradual increases thereafter. He also indicated potential upward revisions for Italy's 2024 GDP estimates, citing resilient economic performance and rising employment. Additionally, he announced increased funding for the National Health Service and defended the government's support for lower middle-income families amidst union criticism.
The recent government maneuver has been criticized for its lack of support for families and the poor, with minimal increases in pensions and healthcare funding. Significant allocations include €200 million for migrant centers and €110 million for tourism, while ACI faces a €50 million levy to the Treasury, raising concerns about the impact on public services. Overall, the approach appears to favor private healthcare and strong economic interests over the needs of the less affluent.
In 2025, minimum pensions will increase by 2.2%, followed by a 1.3% rise in 2026, bringing the amount to €617.9 from €614.77. The government, represented by Deputy Economy Minister Maurizio Leo, has stated that it cannot extend the October 31 deadline for the two-year composition agreement due to budget constraints.
The recently approved Budget Law imposes over 20 billion in costs due to Maastricht constraints, with claims of increased health funding proving misleading. A regressive tax policy favors the wealthy and businesses, while local authorities face further cuts, and defense spending sees significant increases amidst austerity measures.
In 2025, the Italian government plans to allocate an additional €2.3 billion for healthcare, with €1.245 billion coming from new measures. Despite earlier expectations of higher funding, the Ministry of Economy clarified that the total includes previous allocations, with a focus on hiring 30,000 healthcare workers and improving the National Health Fund. However, significant hiring may be delayed until 2026 due to the timing of these measures.
The government is set to discuss a financial maneuver on Oct. 15, focusing on the renewal of public sector contracts for 2025-2027, with a particular emphasis on healthcare. Plans include hiring 20,000 doctors and 10,000 nurses, alongside proposed tax reductions on medical salaries to address staffing shortages and improve retention in hospitals. To fund these initiatives, over 3 billion euros will be added to the Health Fund, totaling 138 billion euros by 2025.
Giancarlo Giorgetti
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