News / Europe

Italy Approves Austerity Measures

Italian Prime Minister Mario Monti briefs the media in Rome, Sunday, Dec. 4, 2011.
Italian Prime Minister Mario Monti briefs the media in Rome, Sunday, Dec. 4, 2011.

Italy's new prime minister said his government has approved a package of emergency budget measures worth more than $40 billion (30 billion euros) that will help pull Italy back from the brink of bankruptcy.

Mario Monti said Sunday the measures include immediate budget cuts as well as significant steps to fight tax evasion.  To do his part to cut the spending, Mr. Monti said he will forego his salary as prime minister.

The measures will be presented to the parliament, which must approve them.

Mr. Monti spent the weekend briefing political parties, unions, business groups, consumer lobbies and others.

Greece, Ireland and Portugal have already been forced to secure international bailouts over the last year and a half.  The chief fear now for European leaders is that Italy, with the continent's third biggest economy, may also need a bailout to avoid defaulting on its debts - a crisis that would threaten the continent's monetary union and could lead to a renewed worldwide recession.

German Chancellor Angela Merkel and French President Nicolas Sarkozy are to meet in Paris on Monday to announce a joint German-French plan to resolve the crisis, ahead of an European Union summit next Friday in Brussels.

All 27 EU nations would have to approve changes to the 1992 Maastricht Treaty that created the EU, but that broad approval may not be necessary if spending controls apply only to the 17 nations that use the euro as their currency.

U.S. Treasury Secretary Timothy Geithner will urge European leaders to take action on the debt crisis when he travels to Europe this week. In Frankfurt Tuesday, Geithner will meet with European Central Bank President Mario Draghi and Bundesbank President Jens Weidmann.

Later in his three-day trip he will meet with Mr. Monti, President Sarkozy and Spanish Prime Minister-elect Mariano Rajoy.

You May Like

South Korea Divided on Response to North’s Cyber Attack

In past five years, officials in Seoul have accused Pyongyang of hacking into banks, government websites, causing chaos and inflicting millions of dollars in damages More

Video Calm Amid Fear in Daily Life in S. Sudan’s Bentiu

Residents have been trying to regain some sense of normalcy, but planning for the future remains uncertain as fear of attacks looms More

2015 Could Be Watershed for Syria Conflict

Republican control of US Senate in January could lead to more aggressive policy against IS militants in Syria - and against regime of Bashar al-Assad More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Ugandan Doctors Aid Victims of Sudan's Civil Wari
X
Adam Bailes
December 22, 2014 3:45 PM
In Sudan's state of South Kordofan, the number of amputees as result of civil war is in the thousands, but few have access to sufficient medical help. Adam Bailes recently visited the area and says a small team of Ugandan doctors has been providing remote help, producing new prosthetic limbs for those in need.
Video

Video Ugandan Doctors Aid Victims of Sudan's Civil War

In Sudan's state of South Kordofan, the number of amputees as result of civil war is in the thousands, but few have access to sufficient medical help. Adam Bailes recently visited the area and says a small team of Ugandan doctors has been providing remote help, producing new prosthetic limbs for those in need.
Video

Video Jane Monheit Christmas Special

Chanteuse Jane Monheit sings the holiday classic “Have Yourself a Merry Little Christmas,” and explains why it’s her favorite song of the season.
Video

Video Calm Amid Fear in Daily Life in S. Sudan’s Town of Bentiu

Six months ago, Bentiu was a ghost town. The capital of northern Unity State, near South Sudan’s important oil fields, had changed hands several times in fighting between government forces and rebels. Calm returned in November and since then, residents of Bentiu have been trying to regain some sense of normalcy. Bentiu’s market has reopened there are plans to start school again. But fears of new attacks hang heavy, as Benno Muchler reports from Bentiu.
Video

Video US Business Groups Press for Greater Access to Cuba

President Barack Obama's decision to do all he can to ease restrictions on U.S. trade, travel and financial activities with Cuba has drawn criticism from some conservatives and Republicans. People who bring tourists to the island and farmers who want to sell more food to Cuba, however, think they can do a lot more business with Cuba. VOA's Jim Randle reports.
Video

Video Three Cities Bid for Future Obama Presidential Library

President Barack Obama still has two years left in his term in office, but the effort to establish his post-presidential library is already underway. The bid for the Obama Presidential Library is down to four locations in three states -- New York, Hawaii, and Illinois. As VOA’s Kane Farabaugh reports, each of them played an important part in the president’s life before he reached the White House.
Video

Video Fears of More Political Gridlock in 2015

2014 proved to be a difficult year politically for President Barack Obama and a very good year for the U.S. Republican Party. Republican gains in the November midterm elections gave them control of the Senate and House of Representatives for the next two years -- setting the stage for more confrontation and gridlock in the final two years of the Obama presidency. VOA National Correspondent Jim Malone has a preview from Washington.
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. VOA reporter Ayaz Gul visited the devastated school and attended the funeral of the principal who courageously tried to save her students from the deadly attack.

All About America

AppleAndroid