Tuesday 25 October 2011

Italian Cabinet to meet on growth measures (AP)

MILAN ? Premier Silvio Berlusconi has summoned his Cabinet to discuss growth measures demanded by the European Union to help save the eurozone from its debt crisis.

The EU pressed Italy over the weekend to present measures by Wednesday on how it plans to revive weak growth.

A weekend EU summit tackling the debt crisis failed to make tough decisions but leaders pledged to lay out a plan on Wednesday.

Italy, the third largest euro zone economy, threatens to be the next nation to succumb to the crisis. It has passed euro54 billion ($75 billion) in austerity measures aimed at balancing the budget by 2013, but implementation has been slow and the government has faltered on promised growth measures.

The Cabinet meets Monday evening.

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/ap/20111024/ap_on_bi_ge/eu_italy_financial_crisis

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