Italy approves 24 billion euros spending-cut plan to cut its sovereign deficit

By IBTimes Staff Reporter | May 26 2010 2:47 AM

Italy followed the Portuguese and Spanish suit as Prime Minister Silvio Berlusconi consent a 24 billion euros spending cut plan to trim the high severing debt that reached 5.3% of GDP in 2009, the fourth largest in the euro zone. The new policy aims to cut the Italian deficit to the EU 3% ceiling by 2012 through freezing public-sector wages and fighting tax evasions. Italian 10-year bond yield surged 13 basis points compared with the German benchmark amid the debt woes spreading in Europe. Italy seeks to maintain financial stability and boost economic growth in the region after the $1 trillion bailout introduced by the EU to highly indebted countries.

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