Vittorio Grilli News
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Italian Finance Minister Vittorio Grilli, who has led a crackdown on tax evasion, bought his Rome apartment partly with funds from a Channel Islands account and then avoided sales tax on renovations by paying cash for about half the costs, Il Sole 24 Ore newspaper reported, citing documents it obtained.
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Italy’s debt will reach a postwar record this year as the recession-hit country borrows to contribute to bailouts and pay arrears to suppliers.
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Italian Prime Minister Mario Monti’s Cabinet approved the payment of 40 billion euros ($52 billion) owed by the government to private companies in an effort to spur a recovery in the recession-hit country.
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Italian Finance Minister Vittorio Grilli, appointed by Prime Minister Mario Monti to spearhead a drive to prevent tax evasion, purchased his 14-room home in Rome at a price less than the reported market values in his neighborhood and dwarfed by his mortgage, according to records of the 2004 transaction.
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Italian Finance Minister Vittorio Grilli, who declared a purchase price for his Rome apartment that was about half its assessed value, said the mismatch is due to a separate payment he made to a relative of the seller for earlier renovations of the 14-room home.
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Italian Finance Minister Vittorio Grilli, whose 14-month tenure has been marked by tax increases and recession, said austerity was the only option as bondholders must take priority in a financial crisis.
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Italy’s credit rating was cut one level by Fitch Ratings as an inconclusive election in February produced political paralysis that threatens the country’s ability to respond to a recession and the European debt crisis.
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Regulatory oversight of Banca Monte Paschi di Siena SpA was “continuous and thorough” and the bank remains solid even with a capital shortfall and possible losses linked to undisclosed structured finance deals, Finance Minister Vittorio Grilli said.
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Italian Finance Minister Vittorio Grilli is confident that euro-region finance chiefs will reach an agreement on aiding Greece when they meet next week.
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Italian Finance Minister Vittorio Grilli said he won’t seek a government post or a Treasury position after general elections due by May.
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