Italy's government has called a confidence vote in parliament on its 30 billion euro austerity package which it hopes will be the start to rebuild confidence in Italy's ability to pass from the crisis.

The Minister for Parliamentary Relations Piero Giarda announced the confidence vote which is expected sometime Friday afternoon and will likely be followed by another vote in the upper house sometime next week.

The market will be closely watching Italy tomorrow although the vote is expected to pass as Mario Monti's government enjoys overwhelming majority support in both houses of parliament as the technocrat government was initially called for this hard task after Berlusconi failed to prevent the nation from being under the market pressure.