Italy's lower house of Parliament on Friday approved a EUR40 billion deficit-reduction package proposed by Prime Minister Silvio Berlusconi's government, giving the final stamp of approval to measures aimed at dispelling recent market fears over the credit-worthiness of Europe's third-largest economy.
The government's bill won 314 votes from the 630-member chamber, not quite an absolute majority but enough to muster passage given absences and abstentions. The vote came a day after the Senate passed the austerity budget plan.
The government's measures include public spending cuts--including a wage freeze--and revenue-boosting measures--including higher taxes on banks--designed to allow Italy to balance its budget in 2014, as required by the European Union. The budget deficit was 4.6% of the country's gross domestic product in 2010.
For more: UPDATE: Italy Parliament Approves Bill To Balance Budget By 2014 - WSJ.com
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