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.
<...Enjoy access to all articles and 25 years of archives, comment and gift articles. Become a member for as low as €1,75 per week.
Already a member? Login