Italy’s new Premier (and his unelected government of technocrats) calls the massive 30 billion euro ($40.5 billion) austerity package “Salva Italia” (Save Italy) and it’s all in spending cuts and tax hikes (blood and tears).

Today the government further raised taxes on gas and for the fourth time this year (three times by the previous Berlusconi government); so in 2011 while financing cultural projects, helping fleeing immigrants from war torn Libya and paying for effects from the devastating Tuscan and Liguria flash floods in November (and still paying for the 1935 Abyssinia War and the 1956 Suez Crisis), now drivers and riders in Italy will now have to dish out an extra 10 cents (including VAT) per liter to help save Italy from default.

Regional governments can also slap on extra one cent to help pay for public transportations costs that were cut in a previous spending bill, but it doesn’t stop here because on January 1st, the Monti government has already programmed another tax hike on gas.

I think that Italians can forget the Ducati 1199 Panigale or any motorcycle, because the only two wheels many Italians will be riding next year will be bicycles.

(no votes)

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