Latest News:  
Beijing   Cloudy/Light rain    25 / 17   City Forecast

Home>>World

Italian parliament clears emergency budget plan

(Xinhua)

10:11, September 15, 2011

ROME, Sept. 14 (Xinhua) -- The Italian Parliament definitely cleared on Wednesday a 54-billion-euro emergency budget plan aimed at balancing public finances by 2013 to shield the country from the risk of a debt crisis.

The Lower House approved the document with 314 yes and 300 no votes. Prime Minister Silvio Berlusconi, who took part in the final session, had placed a vote of confidence on the text in an attempt to speed up its approval and send a positive message to world markets.

The document, endorsed last week by the Senate, contained enhanced budgetary measures introduced by the government following requests by the European Central Bank (ECB) to tighten-up fiscal discipline and secure public finances, necessary to reassure global markets on the country's financial stability.

The package, seen as vital to cut down the euro zone's third largest economy's debt levels, envisages a mix of public spending cuts, higher taxes, a reduction in political costs, number of local authorities and a new pension reform.

During the final vote, social riots and violent protests broke out outside the parliament by dissenters who deemed the budget as "unfair".

Prior to the summer, Berlusconi's center-right government had initially approved a 47-billion-euro (66 billion dollars) budget, later deemed as insufficient in the wake of the debt crisis looming over Europe.

Email|Print|Comments(Editor:王金雪)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. AC Milan ties Barcelona 2-2 in Champions League

  2. Dancing show held in Damascus' new Folk Arts Festival

  3. Pakistan floods cause 280,000 homeless, huge losses

  4. Magnificent tidal bore along Qiantang River

Most Popular

Opinions

  1. China's actions in Libya show diplomatic maturity
  2. Living in Beijing more expensive than New York?
  3. Middle East turbulence not over yet
  4. Trajectories of China, US diverged after 9/11
  5. China's role in world monetary system positive
  6. Sting of inflation hits campuses
  7. The poor need the state, family and philanthropy
  8. Our kitchens must be freed from gutter oil
  9. US arms sales to Taiwan: Political farce
  10. What 'invisible expenditures' does US military have?

What's happening in China

Scientists under the microscope?

  1. PKU students object to Apple's campus invasion
  2. New entertainment restrictions
  3. Drunk driving drops in China after law amended
  4. As China urbanizes, cities get smart
  5. Publicity official falls to death in C China

PD Online Data

  1. Lusheng Dance of Miao
  2. Nujiang: Lisu & Pumi Minorities
  3. Lijiang: Naxi Minority
  4. Xishuangbanna: Dai Minority
  5. Tibetan Minority