This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/world-europe-14149164
The article has changed 5 times. There is an RSS feed of changes available.
| Version 3 | Version 4 |
|---|---|
| Italian Senate passes austerity package | Italian Senate passes austerity package |
| (about 2 hours later) | |
| The Italian Senate has passed a tough austerity budget, including 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. |
| The lower house must also adopt the measures in a vote on Friday. Correspondents say that is likely. | The lower house must also adopt the measures in a vote on Friday. Correspondents say that is likely. |
| Italy has one of the largest debt mountains in the eurozone and wants to avoid any need for a bail-out. | 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. |
| 'Monster' threat | 'Monster' threat |
| 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. | 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 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. | 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 voted against the package but agreed not to delay it, so as not to prolong uncertainty in the markets. | Opposition parties voted against the package but agreed not to delay it, so as not to prolong uncertainty in the markets. |
| It passed by 161 votes to 135 in the Senate on Thursday. | It passed by 161 votes to 135 in the Senate on Thursday. |
| 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. | 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. |
| He said in parliament that, without the budget, ''the monster debt from our past will swallow up our future''. | He said in parliament that, without the budget, ''the monster debt from our past will swallow up our future''. |