Brussels, 11/10/2012 (Agence Europe) - On Wednesday 10 October, the Italian government introduced spending cuts of €10 billion for the 2013 budget. Italy's GDP is expected to shrink this year by 2.4%. The new “stability law” included a reduction in income tax for the lowest paid from 23% to 22% on the first €15,000 of income and from 27% to 26% on the next level of income (up to €28,000), which will cost some €5 billion; increasing VAT from 21% to 22% (rather than 23% as...