News / Europe

Italy Approves Cuts to Balance Budget by 2013

Italian Premier Silvio Berluconi, left, and Vice Premier Gianni Letta share a word during a press conference at the end of a Cabinet Ministers meeting on the approval of the new austerity measures, in Rome, Aug. 12, 2011
Italian Premier Silvio Berluconi, left, and Vice Premier Gianni Letta share a word during a press conference at the end of a Cabinet Ministers meeting on the approval of the new austerity measures, in Rome, Aug. 12, 2011

Italy's government has approved sharp budget cuts demanded by the European Central Bank despite regional opposition to the move.

Italian officials said Friday the austerity measures include $28 billion in cuts next year and $35 billion in 2013.  Regional leaders say the plan will hurt the poor.

The package aims to balance Italy's budget by 2013, as the European Central Bank has required to support Italy's bonds.  Interest rates on those bonds soared last week.   

Meanwhile, European stock indexes soared on Friday for the second straight day, with key exchanges in Britain, France and Germany up more than 3 percent.

U.S. markets also advanced Friday at the end of a volatile week on markets around the world.  Asian indexes finished the week mixed.  

Some stock trading in Europe was marked by new restrictions.  France, Italy, Spain and Belgium banned the short-selling of stocks to calm market turmoil.  Short-selling is an attempt to profit by betting that a stock's price will fall.

In the U.S., markets were boosted by a government report that U.S. consumer spending advanced in July by the biggest amount in four months. However, a second report showed that consumer confidence is waning, dropping this month to a 31-year low.

Analysts say stocks were helped Thursday by a U.S. government report that said first-time claims for jobless benefits fell to a four-month low in the past week, good news for the U.S. economy following an unprecedented downgrade of the U.S. credit rating.  That downgrade triggered Monday's sell-off, starting the week of market gyrations.

You May Like

Sydney Hostage-taker Failed to Manipulate Social Media

Gunman forced captives to use personal Facebook, YouTube accounts to issue his demands; online community helped flag messages, urged others not to share them More

UN Seeks $8.4 Billion to Help War-Hit Syrians

Effort aimed at helping Syrians displaced within their own country and those who've fled to neighboring ones More

Who Are the Pakistani Taliban?

It's an umbrella group of militant organizations whose objective is enforcement of Sharia in Pakistan 'whether through peace or war' 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.
Putin: Russian Economy to Rebound in 2 Yearsi
X
December 18, 2014 5:13 PM
Russian President Vladimir Putin held his annual end-of-the-year news conference Thursday, tackling questions on the Russian economy, the crisis in Ukraine and Russian relations with the west. VOA's Jeff Custer reports.
Video

Video Putin: Russian Economy to Rebound in 2 Years

Russian President Vladimir Putin held his annual end-of-the-year news conference Thursday, tackling questions on the Russian economy, the crisis in Ukraine and Russian relations with the west. VOA's Jeff Custer reports.
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Detained Turkish Journalists Follow Teachings of US-Based Preacher

The Turkish government’s jailing of critical journalists has sparked international condemnation and is being seen as an effort to undermine the followers of an ailing Turkish preacher based in the United States. VOA religion reporter Jerome Socolovsky has more.
Video

Video Will Pakistan School Shooting Galvanize Pakistan Against Extremism?

The attack on a military school in Pakistan’s northwest city of Peshawar left 141 dead, including 132 children. Strong statements of condemnation poured in from across the world. The country announced three days of mourning, and the leadership, both political and military, promised retribution. VOA's Ayesha Tanzeem looks at how likely the Pakistani government is to clamp down on all extremist groups.
Video

Video ‘Anti-Islamization’ Marches Increase Tensions In Germany

Anti-immigrant rallies in Germany have been building in recent weeks, peaking Monday night in the city of Dresden where tens of thousands of people turned out to demonstrate against what they call the ‘Islamization’ of the West. Germany has offered asylum to more Syrian refugees than any other country, and this appears to have set off the protests. Henry Ridgwell reports from London.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.
Video

Video Refugees Living in Kenya Long for Peace in the Home Countries

Kenya is host to numerous refugees seeking safe haven from conflict. Immigrants from Somalia face challenges in their new lives in Kenya. Ahead of International Migrants Day (December 18) Lenny Ruvaga has more for VOA News from the Kenyan capital.
Video

Video Turkey's Authoritarianism Dismays Western Allies

The Turkish government has been defiant in the face of criticism at home and abroad for its raids targeting opposition media. The European Union on Monday expressed dismay after President Recep Tayyip Erdogan lashed out at Brussels for criticizing his government's action. Turkey's bid to be considered for EU membership has been on hold while critics accuse the NATO ally of increasingly authoritarian rule. Zlatica Hoke reports.

All About America

AppleAndroid