Italy is progressing and after a harsh new austerity package by Mario Monti's government outlined the commitment to bring Italy back to fiscal health. The support and encouragement for the nation has been wide spread and efforts welcomed and now Fitch also assured that the new plan will ease the short-term pressures on Italy's credit rating.

Fitch Ratings said on Thursday that the 30 billion euros austerity plan -which includes 20 billion in austerity measures and 10 billion euros of growth measures-, eases near-term pressure on the country's credit rating. Fitch said that the package conveys the message that the Italian government is seeking to deliver a credible fiscal consolidation program over and above that already outlined in the summer which Fitch said called encouraging.

Nevertheless, Fitch said that the outlook on the A-plus rating remains negative as Italy still needs to deliver the growth-enhancing reforms and show that it still has access to the bond market ahead of the heavy redemptions next year.