Italy's centre-right government won a confidence vote this afternoon in the Chamber of Deputies on its austerity plan aimed at stemming a debt crisis that is undermining the euro zone.
The package, which aims to balance the budget by 2013, has been radically overhauled on several occasions during its passage through the parliament, under pressure from the European Central Bank and Italy's European Union partners.
Austerity measures are projected to lower the deficit by €54.2 billion by 2014, according to the Italian Treasury.
Of the deficit cuts to be found in 2012, €4 billion will come from tax and welfare measures still to be drawn up, and the same applies to €12 billion for 2013 and €20 billion for 2014.
The budget deficit is now targeted to fall to 1.4 per cent of gross domestic product in 2012 from 3.8 per cent this year, and to be eliminated in 2013.
Agencies
