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Italy set for senate vote on austerity budget Italian senate passes austerity package
(about 2 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 has passed a tough austerity budget, including 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. The lower house must also adopt the measures in a vote on Friday. Correspondents say that is likely.
Correspondents say the budget is likely to be approved by the upper house, and then in the lower house on Friday. Italy has one of the largest debt mountains in the eurozone and wants to avoid any need for a bail-out.
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.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. BBC Europe editor Gavin Hewitt, in Rome, 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 package was put to parliament ahead of schedule, 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 voted against the package but agreed not to delay it, so as not to prolong uncertainty in the markets.
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 hopes his package will cut the deficit to zero by 2014 from this year's 3.9% of gross domestic product.