The plan behind Italy's austerity measures

Sep 14, 2011 by Euronews

Making the sums add up while global markets fix their nervous gaze on the euro zone's third largest economy. That is the task for Italy as it aims to reduce the country's deficit by more than 54 billion euros over three years.

The country has reached this point because of its high debt levels and poor growth. On Tuesday the Treasury raised 3.86 billion euros from the sale of five year bonds but it had to pay an interest rate of five point six percent, a euro zone record high. That crystallised the problems in a chronically stagnant economy.
http://www.euronews.net/

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