Italy’s latest austerity package was welcomed by the financial markets which slashed Rome’s borrowing costs. The country’s political parties also look set to back it, though some are reluctant given how unpopular the measures are with voters.
Prime Minister Mario Monti has said without the spending cuts and tax increases Italy risked a Greek-style economic collapse.
But even as Italy moved a possible euro zone wide downgrade by ratings agency Standard & Poors left it feeling less isolated as Reuters correspondent in Rome, Philip Pullella, explained: “I think you can almost see it as a perverse sigh of relief, in a sense, because Italy has been used to having the finger pointed at it and other countries, Portugal as well and Ireland for example, and Italy has been at the centre of the market storm for weeks now. What this signal is saying is that we are all in this together, every European country is together.”
For more: Italy’s hopes to restore its fortunes and credibility | euronews, world news
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