Italian gov't approves 24 billion euro budget cuts
Premier Silvio Berlusconi's ministers on Tuesday approved 24 billion euro ($30 billion) budget cuts for the 2011-2012 period aimed at protecting the country from the sort of market speculation that pushed Greece to the brink of bankruptcy.
The measures seek to reduce the budget deficit to below 3% of GDP by 2012, down from 5.3% in 2009. The government said in a statement that the measures focused on reducing public spending for both Italy's highly paid politicians and public administration as well as on fighting tax evasion, a major revenue drain. (AP)
