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Italian parliament passes austerity package

07-16-2011 08:04 BJT

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The Lower House of Italy's Parliament has approved an austerity package worth more than 70 billion euros. Friday's bill is aimed at securing public finances, and reassuring global markets of the country's fiscal solidity.

The package, seen as crucial to keeping the country afloat during the lingering debt crisis, passed the House of Deputies by a vote of 314 to 280. Two legislators abstained. The spending cuts and tax measures are aimed at balancing the budget, and cutting Italy's elevated debt levels by 2014.

The Senate approved the bill on Thursday. The government initially recommended a 47 billion euro austerity package, but later deemed that amount insufficient to protect the nation from the risks of a debt crisis.

Finance Minister Giulio Tremonti. The Lower House of Italy's Parliament has approved an austerity package worth more than 70 billion euros.

Editor:Du Xiaodan |Source: CNTV.CN

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