Italy to take tough steps

ITALY’S new government last night approved emergency austerity and growth measures aimed at helping save the euro from collapse.

Premier Mario Monti announced approval of the measures following a three-hour cabinet meeting.

He said the goal is to reawaken the economy.

Mr Monti said the measures include cuts and measures to fight tax evasion. He will outline the measures today to the Italian parliament, which must approve them.

The premier spent the weekend briefing political parties, unions, business groups, consumer lobbies and others.

The head of Italy’s industrial lobby said the survival of the euro currency depends on Italy coming up with very strong austerity and growth measures — followed by an effort at the European level so Italian sacrifices are not in vain.