Italy And Spain Admit Austerity

Italy and Spain have taken new austerity precautions to control their debts.

Italy’s parliament has accepted an austerity package that can reduce 54bn euro in its deficit over three years. The Italian Senate voted 165-141 with three abstentions. Tens of thousands Italians walked on the streets on Wednesday fro strike against the austerity package. Because the package includes rise in sales taxes and a wealth tax as well.

Spain’s Senate has approved a ‘golden rule’ to keep bugdet deficits under control. As a result of this change, Spain must stick to a long term deficit cap except in any emergencies such as natural disasters.