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The bill, which began its parliamentary journey this week, has been rejected outright by Italy's biggest trade-union federation, the CGIL. That stance has put the leaders of the centre-left Democratic Party (PD) between the rock of their historic ties to organised labour and the hard place of support for the government.
ECONOMIST: Italian politics: Jittery Italy | The
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"The Bank remains between a rock and a hard place in trying to strike a balance between the rising pressures of inflation and supporting the economic recovery, " he said.
BBC: Inflation to stay above target, says Bank of England
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With projected federal spending topping 34 percent of GDP and the known politically acceptable levels of federal tax revenues falling below 20 percent of GDP, we are between the proverbial rock and a hard place.
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