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| Italy set for senate vote on austerity budget | Italy set for senate vote on austerity budget |
| (about 6 hours later) | |
| The Italian senate is set to vote on a tough austerity budget, which proposes cuts of 48bn euros ($67bn; £42bn) over three years. | The Italian senate is set to vote on a tough austerity budget, which proposes cuts of 48bn euros ($67bn; £42bn) over three years. |
| Italy wants to reduce one of the largest budget deficits in the eurozone and avoid any need for a bail-out. | Italy wants to reduce one of the largest budget deficits in the eurozone and avoid any need for a bail-out. |
| Correspondents say the budget is likely to be approved by the upper house, and then in the lower house on Friday. | Correspondents say the budget is likely to be approved by the upper house, and then in the lower house on Friday. |
| Italian PM Silvio Berlusconi has said Italy is on the front line of the eurozone's economic difficulties. | Italian PM Silvio Berlusconi has said Italy is on the front line of the eurozone's economic difficulties. |
| Italy raised 2.97bn euros ($4.2bn; £2.6bn) through a sale of 15-year government bonds on Thursday, but had to offer a 5.9% rate of return - an all-time high for such bonds. | |
| The BBC's Gavin Hewitt says both the government and the opposition know that Italy is under fierce scrutiny by the markets due to its large debts. | The BBC's Gavin Hewitt says both the government and the opposition know that Italy is under fierce scrutiny by the markets due to its large debts. |
| Earlier this week, the International Monetary Fund (IMF) asked Italy to ensure "decisive implementation" of spending cuts. | Earlier this week, the International Monetary Fund (IMF) asked Italy to ensure "decisive implementation" of spending cuts. |
| In a report, the IMF said Italy must make efforts to reduce public debt, maintain the stability of its financial sector and introduce structural reforms to boost growth. | In a report, the IMF said Italy must make efforts to reduce public debt, maintain the stability of its financial sector and introduce structural reforms to boost growth. |
| The vote comes amid concerns that Italy may be the next country to be hit by the eurozone's debt crisis. | The vote comes amid concerns that Italy may be the next country to be hit by the eurozone's debt crisis. |
| Opposition parties have said they may vote against the measures, but that they will not mount delaying tactics, meaning the government's majority should be enough to see it through. | Opposition parties have said they may vote against the measures, but that they will not mount delaying tactics, meaning the government's majority should be enough to see it through. |
| Italy's Finance Minister Giulio Tremonti is proposing 48bn euros in budget cuts over three years, and aims to cut the deficit to zero by 2014 from this year's 3.9% of gross domestic product. | Italy's Finance Minister Giulio Tremonti is proposing 48bn euros in budget cuts over three years, and aims to cut the deficit to zero by 2014 from this year's 3.9% of gross domestic product. |