Skip to content
Subscriber Only

Italy Passes $68 Billion in Budget Cuts to Stop Contagion

Prime Minister Silvio Berlusconi is seeking to shield Italy from debt-crisis contagion with 47 billion euros ($68 billion) in deficit-cutting measures intended to balance the budget by 2014.

The Cabinet passed the legislation yesterday, and the government will seek to push it through parliament in a confidence vote by the end of summer, Berlusconi told a press conference in Rome. He called on the opposition to back the measures, the bulk of which -- 40 billion euros -- will come in 2013 and 2014.