ITALY ADOPTS AUSTERITY MEASURES

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STORY: ITALY ADOPTS AUSTERITY MEASURESDATELINE: Aug. 13, 2011LENGTH: 0:02:50LOCATION: RomeSTORYLINE:The Italian government has announced drastic austerity measures to slash more than 45 billion euros of deficit within the next two years.Prime Minister Silvio Berlusconi says the move is painful but necessary. The prime minister's residence in Rome is always a tourist attraction.But it got extra attention Friday when the cabinet was trying to come up with what to do to steer the country out of the contagious debt crisis. Right after the cabinet's emergency meeting, Italian Prime Minister Silvio Berlusconi and Economy Minister Giulio Tremonti delivered their plan.The grim-faced Berlusconi has come to something difficult. The political veteran always claims that he'll never put his hands in the pockets of Italians.But not this time.He's unveiled a mix of tax increases and spending cuts to bring the budget into balance in 2013. The 74-year-old says his heart is bleeding and he only agreed Powered by www.newslook.com Producer : Xinhua News Agency

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