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Italian parliament backs austerity measures

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Italy’s lower house of parliament on Saturday approved a package of economic reforms designed to restore confidence in Italy’s strained finances.

Prime Minister Silvio Berlusconi had promised to quit if lawmakers backed a mix of spending cuts and tax rises.

He is expected to hand in his resignation to the Italian president, Giorgio Napolitano, later on Saturday.

Former European commissioner and Italian senator Mario Monti is tipped to take over as premier.

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