Austerity package passes lower house


The €47.9 billion austerity package proposed by Finance Minister Giulio Tremonti was passed by the Chamber of Deputies yesterday with 314 votes in favour, 280 votes against and two abstentions.

€25.3 bn will be raised in the immediate future with an additional €22.6 bn coming in after 2014. This means that any incoming government after elections scheduled for 2013 will be responsible for much of the austerity package.

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