The Italian government has approved a package of tough spending cuts worth €24 billion to be implemented from 2011 to 2012.
Tuesday evening's (25 May) cabinet decision makes Rome the latest administration inside the 16-member eurozone to move decisively to bring down its budgetary deficit.
Concerns over rising European deficit and debt levels have led investors to sell eurozone sovereign bonds, resulting in a 14 percent decrease in the value of the single currency this year.
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