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Italy Joins Euro Austerity Drive
World | May 26, 2010, Wednesday // 11:43
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Silvio Berlusconi's cuts have already sparked protests from unions. Photo by EPA/BGNES
The Italian government has approved austerity measures worth EUR 24 B for the years 2011-2012.
The announcement makes Italy the latest eurozone country to announce cuts in an effort to reduce the gap between spending and earnings.
The UK and Danish governments also this week announced plans to curb spending.
Italy will take measures to reduce public sector pay and will put a freeze on new recruitment. Public sector pensions and local government spending are also expected to be hit. Added to these, a clampdown on tax avoidance is also planned.
The cuts are equal to some 1.6% of gross domestic product (GDP).
The government hopes to bring its deficit down to below 3% of GDP by 2012 - from 5.3% now - in order to help maintain the confidence of international investors and prevent the spread of a Greek-style debt crisis.
Concerns over the level of Greece's debts have led to an effective boycott of Greek debt on the world markets, and have spilled over into deepening worries about the other weakest members of the 16-nation eurozone: Spain, Portugal and Italy.
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