Italy Approves Budget Austerity Measures

The Italian government has approved austerity measures worth 24 billion euros (£20bn; $29bn) for the years 2011-2012.

The announcement makes Italy the latest eurozone country to announce cuts in an effort to reduce the gap between spending and earnings.

The UK and Danish governments also this week announced plans to curb spending.

Italy will take measures to reduce public sector pay and will put a freeze on new recruitment.

Public sector pensions and local government spending are also expected to be hit.

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