Tuesday, September 06, 2011

Vatican's No. 2 says worker rights can't be sacrificed for financial markets

The Vatican's second-in-command on Friday admonished politicians to not sacrifice workers' rights for the good of financial markets.

"They an integral part of the substance of democracy," said Cardinal Tarcisio Bertone, the Vactican's secretary of state, during the annual meeting of the Association of Christian Italian Workers at the papal summer Castel Gandolfo lake retreat near Rome.

The Italian government led by prime minister Silvio Berlusconi is trying to hammer out a plan to cut spending by 45.5 billion euros and balance the budget by 2013. 

Moves to alter retirement rules and pensions have been introduced and scrapped while the government tries to reassure Italy's bond and stock markets that it doesn't run the risk of defaulting on its 1.9 trillion euros in debt.

Investors fear that Italy and Spain will follow Greece, and Portugal's lead in asking the European Union for a bailout to help their debts.

"A civil economy cannot neglect social structure of a company and the corresponding responsibility for families of workers," he said.