Italy approves austerity measures

Italy’s new government approved emergency austerity and growth measures tonight aimed at helping save the euro from collapse.

Premier Mario Monti announced approval of the measures this evening following a three-hour Cabinet meeting.

He said the goal is to “reawaken” the Italian economy.

Mr Monti said the measures include cuts and measures to fight tax evasion.

Mr Monti will outline the measures tomorrow to the Italian Parliament, which must approve them.

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

Originally the Cabinet was scheduled to meet tomorrow, but the meeting was rearranged for today because of the urgency of the crisis.

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