Super Mario wins confidence vote in Italy for €33bn cuts
ITALIAN Prime Minister Mario Monti has won a key vote in the Italian Parliament for €33bn in cuts and reforms in a resounding 495 votes to 88.
Despite fears that the austerity cuts will be difficult and will hit the poor hardest, the Chamber of Deputies voted in favour of the package.
It will also have to be approved by the Senate or upper house.
Mr Monti, who was appointed in November and is a former EU commissioner, heads up Italy’s technocratic government following the resignation of Silvio Berlusconi.
The package aims to balance Italy’s budget by 2013 as the country’s cost of borrowing is one of the highest in the eurozone putting it at the heart of the debt crisis.
Despite the backing for the cuts, many analysts believe rising borrowing costs and a recession threaten to undermine the new government’s efforts.