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Italian Govt Approves New Austerity cuts

Published: August 13, 2011 | 1:10 pm
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Italy’s government has approved euro45 million ($64.12 million) in cuts over the next two years to balance the budget by 2013 to meet demands of European Central Bank.

The Cabinet approved the measures Friday evening despite fierce resistentence from local government officials who denouced the emergency austerity measures as socially unjust.

Premer Silvio Berlusconi told a news conference that the the measures respond to requests from the ECB, which demanded a balanced budget a year earlier than anticipated as well as structural reforms to promote growth.

The Cabinet approved euro20 billion in cuts for 2012 and euro25 billion for 2013.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

ROME (AP) — Italy’s government has approved euro45 million ($64.12 million) in cuts over the next two years to balance the budget by 2013 to meet demands of European Central Bank.

The Cabinet approved the measures Friday evening despite fierce resistentence from local government officials who denouced the emergency austerity measures as socially unjust.

Premer Silvio Berlusconi told a news conference that the the measures respond to requests from the ECB, which demanded a balanced budget a year earlier than anticipated as well as structural reforms to promote growth.

The Cabinet approved euro20 billion in cuts for 2012 and euro25 billion for 2013.

Source: BusinessWeek

 

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