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Italy Eyes $13 Billion Savings in Spending Cuts, Repubblica Says

Prime Minister Mario Monti’s government is studying a plan to cut Italian public spending and tax breaks by as much as 10 billion euros ($13 billion), la Repubblica said, without saying where it got the information.

The government will set a limit for spending at 50 percent of gross domestic product and reduce some of the 720 tax breaks currently totaling about 253 billion euros, the Rome-based daily reported today. Part of the proceeds from the measures will fund a new system for unemployment benefits, Repubblica said.

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