Italian budget cuts in final stretch
Source: Agencies |
July 15, 2011, Friday
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Print Edition
Print Edition
ITALY'S austerity budget got its first parliamentary nod yesterday after a successful bond auction which offered some reassurance to financial markets worried about the threat of a debt crisis.
The four-year package, which has been increased to 47 billion euros (US$66.7 billion) from 40 billion euros in the last 24 hours, aims at balancing the budget by 2014.
It was due to be approved by the upper house Senate later yesterday ahead of definitive approval by the lower house Chamber of Deputies today. Italian Prime Minister Silvio Berlusconi has a majority in both houses.
The opposition is voting against the measure but has said it will not present amendments or carry out any filibustering tactics in a sign of responsibility to overcome the crisis.
To underscore its resolve, the government called a confidence vote on the measure in order to streamline the passage and Economy Minister Giulio Tremonti was due address the Senate before the vote.
The government received a boost yesterday when the Treasury succeeded in selling almost 5 billion euros in long-term BTP bonds, albeit at the highest premium on record for the sale of 15 year paper.
The four-year package, which has been increased to 47 billion euros (US$66.7 billion) from 40 billion euros in the last 24 hours, aims at balancing the budget by 2014.
It was due to be approved by the upper house Senate later yesterday ahead of definitive approval by the lower house Chamber of Deputies today. Italian Prime Minister Silvio Berlusconi has a majority in both houses.
The opposition is voting against the measure but has said it will not present amendments or carry out any filibustering tactics in a sign of responsibility to overcome the crisis.
To underscore its resolve, the government called a confidence vote on the measure in order to streamline the passage and Economy Minister Giulio Tremonti was due address the Senate before the vote.
The government received a boost yesterday when the Treasury succeeded in selling almost 5 billion euros in long-term BTP bonds, albeit at the highest premium on record for the sale of 15 year paper.
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