Italy has become the latest eurozone member to join the austerity club.
Prime Minister Silvio Berlusconi has announced a series of cuts aimed at reducing his country’s budget deficit from 5.3 percent to 2.7 over the next two years.
“This is not your usual adjustment of public accounts. It is framed by the euro crisis and has been unleashed by speculation. The aim is to reduce the weight of the state in our economy and society. This crisis is different from those which have come before. Every country in Europe is affected, we have all been living beyond our means.”, Berlusconi told a press conference.
The cuts will mainly be in public spending and regional government over the next two years. Berlusconi has a comfortable majority in the italian parliament meaning the proposals are likely to be passed with no hitches.
However, in response, the country’s largest union has already announced plans for a general strike next month.