Wednesday 14 September 2011

Italy austerity nears approval as pressure mounts


* Confidence vote at 1200 GMT, austerity approval 1800 GMT

* Parliament votes come as markets batter Italy
* Further measures possible after austerity package passes



ROME, Sept 14 (Reuters) - Italy's lower house of parliament is expected to approve the centre-right government's much revised austerity plan on Wednesday as Rome struggles to stem a financial market crisis now threatening the whole euro zone.

The 54 billion euro ($73.80 billion) mix of tax hikes and spending cuts aimed at balancing the budget by 2013 was agreed under heavy pressure from the European Central Bank which has demanded tough action from Rome to cut its massive public debt.



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