The growing public debt is not the only thing that Italy needs to be afraid of. Italy’s Ministry of Work and Chamber of Commerce reported that for 2015, there were 76,000 jobs in the industrial and service sectors that could not be filled. This shocks many people when one considers that Italy has an 11.7 percent unemployment rate and a 37.9 percent youth unemployment rate (The Local – Italy, 1). It is clear that the technology and engineering markets in Italy are struggling to find qualified talent.
Experts list different reasons for this economic conundrum. Travel patterns show that thousands of Italian university graduates leave their homeland for foreign work opportunities. Italian statistics agency Istat reported that 7 percent of all PhD holders from 2004 to 2006 live outside Italy, which doubled to 14 percent for the doctorates from 2008 to 2010 (The Local – Italy, 1). Also, Italy may lack a high number of college graduates who study software development and engineering. The Ministry of Work and Chamber of Commerce reported that 41.8 percent of job openings for software developers could not be filled, as well as 30 percent for engineering positions (The Local – Italy, 1).Also, Italian Companies have made it clear that many young Italians looking for jobs lack of work experience. Universities can help address this issue by creating more work placement opportunities for students.
“Thousands of Tech Jobs Vacant as Italy Can’t Find Talent”. The Local (Italy). 6 April 2016. Web.
The Panama Papers have seemed to mention people from practically every country. Italy now finds itself with groups and individuals that have been named in this set of 11.5 million documents leaked from the law firm Mossack Fonseca (The Local – Italy, 1). Two banks, Unicredit and UBI Banca, were named though both said publicly they did nothing wrong. Around 800 Italians can be found in the documents that include people such as businessman Giuseppe Donaldo Nicosia, former Ferrari president Luca Cordero di Montezemolo, and racecar driver Jarno Trulli.
With this evidence in hand, Italian tax authorities can now pursue those who have broken the law. Offshore accounts are not illegal, however, these accounts allow for various methods of tax evasion. Italy will not be the first country to start this type of investigation. Austria, Australia, France, Sweden, New Zealand and the Netherlands are in the processes of their criminal investigations (The Local – Italy, 1).
The breadth of the Panama Papers itself is quite staggering. Over 140 politicians and government officials worldwide are found in the documents. Out of this group, twelve are current and/or former world leaders. To be specific this includes: the presidents of Ukraine and Pakistan, Iceland’s prime ministers, and the king of Saudi Arabia (The Local – Italy, 1). Team Mint Condition will keep our readers updated on any news regarding the Panama Papers in Italy.
“Panama Papers: Italy Readies to Probe Country’s Rich.” The Local . 5 April 2016. Web.