Italian senate adopts austerity billNovember 12th, 2011 - 12:32 am ICT by IANS
Moscow, Nov 11 (IANS/RIA Novosti) The upper house of the Italian parliament Friday approved a draft austerity bill to slash public spending in a bid to head off the country’s looming financial crisis and satisfy the bond markets and the European Union (EU).
The bill also includes labour reform proposals, aimed at increasing employment among women and young people and a sell-off of state-owned assets and agricultural land.
The senate voted by 156 to 12 in favour of the package, while one abstained.
The lower house is expected to approve the law Saturday.
Earlier this week, Italian Prime Minister Silvio Berlusconi said he would resign after the government finally approves the new law.
European stocks rose on the news coming from Italy. As of 5. 36 p.m (Moscow time) Germany’s DAX was up 2.03 percent to 5,986.75, the French CAC 40 index rose 1.48 percent to 3,110.18, while the UK FTSE 100 added 1.02 percent to 5,500.60.
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