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Italy Fails to Pass Crucial Austerity Measures
Just one day before a summit of the Eurozone leaders where it is expected the details of the second attempt to save Greece will be finalized, Italy has announced it is unable to reach a consensus regarding its own austerity requirements. Among the measures rejected by Prime Minister Silvio Berlusconi’s much-divided coalition government was a bid to raise the retirement age from 65 to 67 years of age. Italy has been under pressure for months to reduce its spending in the face of an estimated 600 billion euros ($833.1 billion) in debt scheduled to mature over the next three years. Italy desperately needs to raise ... (full story)
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