ITALIAN SENATE ADOPTS AUSTERITY LAW

11 Nov, 2011

The austerity package, which aims to avoid a bailout, has been adopted by the Italian senate.

Final approval is expected in the lower house over the next few days, after which the Italian Prime Minister, Silvio Berlusconi, is set to step down.  

The package was voted in by 156 to 12 in favour, and is expected to save €59.8bn through a combination of cuts and rises in taxation in the hope of balancing the country’s budget within three years.

Picture: Italian Senate  

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