| Author (Person) | Segreti, Giulia |
|---|---|
| Series Title | Financial Times |
| Series Details | 13.8.11 |
| Publication Date | 13/08/2011 |
| Content Type | News |
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The Italian government approved on the 12 August 2011 an extensive emergency package worth €45bn in cuts and higher taxes over the following two years. The move is aimed at meeting the European Central Bank’s request to increase efforts to balance Italy’s budget by 2013. These cuts will be in addition to the €47.8bn set by a budget approved in July 2011. New measures include a 'solidarity contribution' from higher incomes, cuts to ministries and local authorities and a reform of the pension system. The President of the European Council, Herman Van Rompuy, welcomed the new austerity measures and said they were 'crucial' for the entire eurozone. |
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| Countries / Regions | Italy |
