ITALY UNVEILS TOUGH MEASURES

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STORY: ITALY UNVEILS TOUGH MEASURESDATELINE: Aug. 14, 2011LENGTH: 0:00:00LOCATION: RomePKGIntro:Italy's economy minister has just announced the details of the 45-billion-euro austerity plan. The drastic austerity measures passed on Friday will raise taxes on high earners and cut government spending within the next two years.Pkg:Economy Minister Giulio Tremonti on Saturday outlined the contents of the tough measures in a bid to reassure both markets and citizens.The anti-crisis plan, including tax increases and spending cuts, is divided in three main parts.The first part is curbing of political, bureaucratic and institutional costs. The second is new growth incentives to boost the slow economy. The last part is measures to reinforce state finances.The minister stresses that the overall impact in the next years up to 2013 will have a value of 90 billion euros.The emergency plan now passes to the exam of parliament and is expected to be cleared by start of September.

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