The Italian Prime Minister, Mario Monti is to outline austerity measures before he seeks a vote of confidence on the new government in the upper House of Senates today and in the lower House of Deputies tomorrow, where he attempts to prevent the debt crisis from spreading further into the Italian economy and in order to restore confidence and political credibility.

The austerity measures could include reforming the pension payout system and labor market system, while speculation in the market indicates that tax increases on wealthy people and privately held assets are also possible.

Monti will present his plan in front of the senators at 12:00 GMT ahead of the vote of confidence in the evening. Opinion polls showed that most Italian were in favor of Monti being the new premier.

The new technocratic government included the Prime Minister himself as he announced his willingness to become the new finance minister, while he appointed Corrado Passera, the chief executive officer of Intesa Sanpaolo -one of Italy's largest banks-, as industry minister