After the controversial draconian measures introduced by the Monti Government, the Italian national retirement system (which is mainly State-run) was supposed to be safe and sound.

However, this year the National Institute managing the system is expected to report a 9 billion euros loss, after a similar loss already declared in 2012.

These are troubling numbers, since all the assets of the Institute amount to 15 billion euros.

Ironically, the Institute is in the red due to a string of Government decisions which were supposed to produce savings. To avoid the cost of having multiple public Entities managing the retirement system, the Institute was in fact compelled by law to incorporate many different pension funds. Such funds were often in the red since they were applying internal rules too favorable to the contributors and pensioners.

In particular, the incorporation of the pension fund reserved to public employees was a hard…

by Kenny Kucwaj

Italian wines are some of the most misunderstood wines in the world . I think most of us cut our teeth on rot gut cheap Chianti’s that had more acid than the marinara sauce we were eating with the spaghetti and meatballs. Some of that jug wine ( by the way Ernest and Julio Gallo was from California) was better suited to peel paint .Although I experienced my first Italian wines from my friends Grandfathers basements in Brooklyn ,and I don’t remember Wine spectator reviewing those I do remember how great they were with Nonna’s ( Grandmother in Italian) homemade pasta.