Italy crisis: Lower house approves austerity law

[dipsydoodle]

The lower house of Italy's parliament has passed a package of austerity measures demanded by the EU and designed to restore markets' confidence in the country's economy.

The vote paves the way for Silvio Berlusconi to resign as prime minister. He is due to see the president later.

A technocrat government led by ex-EU commissioner Mario Monti seems likely.

The austerity package includes a rise in VAT and the pension age, rising fuel prices and the sale of state assets.

http://www.bbc.co.uk/news/world-europe-15703459

X post from LBN : http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x5057545

[marmar]

1. This has got FAIL SPECTACULARLY written all over it.......

it anticipates savings with austerity, but not the loss of revenues with the attendant austerity.

[malaise]

2. I'd like to call it

the last gasp from the neo-liberals - we'll bury them when this fails