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Italian senate backs Monti's appointment as PM

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Italian senate backs Monti's appointment as PM


Italian Prime Minister Mario Monti on Thursday won the first of two confidence votes in parliament.
The Senate approved his and his government’s appointment by 281 ballots to 25.
Monti and his ministers face a similar vote in the lower house, the Chamber of Deputies, on Friday evening.
On Thursday, Monti stressed that his economic reforms would be tough but fair, saying that the future of the euro rests on his government’s drive to revive the Italian economy.
He told senators: “International investors own nearly half of our public debt. We have to convince them that we’re taking the way of a gradual reduction of our debt-to-GDP ratio. The necessary sacrifices needed to stimulate growth and reduce debt have to be equally shared. The more they will be fair, the more acceptable those measures will be.”

Also read- Leading Italian senator wants wide support for Monti
The former EU commissioner plans to make it cheaper and easier for companies to hire and fire, reform pensions and tackle tax evasion.
Italy has been hit by sluggish growth over the past decade.
Rome has a sovereign debt pile which amounts to almost 120 percent of its gross domestic product, or 1.9 trillion euros. 

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