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The social affairs minister broke down announcing the hike in retirement ages (Photo: YouTube.com)

Minister breaks down announcing new Italian austerity

Italy’s new technocrat-led cabinet has approved a fresh emergency austerity package a day earlier than expected.

The government of ex-EU-commissioner Mario Monti outlined the key points of the programme, adopted on Sunday, a day ahead of schedule under pressure from markets.

Full details will be made known on Monday as the plan must still be approved by the full sitting of the Italian parliament.

The package amounts to €20 billion in savings to 2014.

The cornerstone of...

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