Italian Senate passes austerity package

11:09, July 15, 2011      

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The Italian Senate on Thursday passed an austerity plan aimed at cutting public spending and balancing its budget by 2014.

The measure, which is worth more than 70 billion euro (about 98 billion U.S. dollars) after being revised, passed with 161 in favor, 135 in opposition and three abstentions, according to local news agency Ansa.

The austerity plan will now be submitted for approval at the House, where a vote is expected to take place on Friday.

Source: Xinhua
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