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Italy, Spain Approve Austerity Plan
| International News by Staff ReporterWhile Greece announced it would step up its austerity measures
Italy and Spain are the latest countries to pass austerity measures aimed at reducing their deficits, while Greece has also tightened its austerity plans as the eurozone crisis continues.In an attempt to reduce their debts Italy and Spain have agreed to enact austerity measures aimed at reducing the countries’ deficits over the next few years.
Italy’s austerity package, approved by the upper house of parliament 165-141 with three abstentions, to now be put to a confidence vote, will go to the lower Chamber of Deputies where a decision will be made.
The confidence vote is in order to ensure Prime Minister Silvio Berlusconi’s allies are in agreeance with the measures after weeks of arguments.
Announcement of the austerity measures saw tens of thousands of Italians protesting in the streets as the package is set to increase sales taxes, and see the implement of a revised wealth tax.
Spain has also passed measures to reduce the country’s deficit and tighten its budget, keeping budget deficits to a strict limit.
The Spanish Senate approved a “golden rule”, making it the only country apart from Germany to have one, which will ensure that Spain adheres to a long-term deficit cap. This would not apply in times of natural disaster, recession, or extraordinary emergencies.
Greece has also made plans to tighten its own deficit reduction measures, it said on Wednesday.
Some state assets would be transferred to a special fund ahead of their later sale, said Greek finance minister Evangelos Venizelos.
Greece’s government debt is around 142% of the country’s annual economic output.
Source: www.bizpremises.co.za
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