Italian Senate Approves Austerity Package

[Freddie Stubbs]

Source: CNBC

The Italian austerity budget worth nearly 48 billion euros was approved by the upper house of parliament on Thursday, overcoming its first parliamentary hurdle.

The four-year package, which is aimed at balancing the budget by 2014, passed in the Senate with 161 votes in favour, 135 votes against and three abstentions.

The package now moves to the lower house of parliament where it is expected to be passed on Friday evening.

Read more: http://www.cnbc.com/id/43753579

[xchrom]

1. recommend

[dipsydoodle]

2. They didn't have much choice.

Its bound to pass on Friday too.

[WilmywoodNCparalegal]

3. The package includes eliminating some perks

for those whose pensions are called 'golden' because they are very high. I think it was a good package - not the best but not the worst either. Either way, something had to be done.