Waved through

Austerity measures which have been pending for several weeks in Italy have all but been written into law. On Wednesday, Italy's government won a vote of confidence in the country's lower house of parliament, effectively expediting the process of getting the proposed austerity legislation passed.

The government passed the confidence vote with 316 votes in favor on 302 against. A final, official vote on the actual legislation was passed later on Wednesday. The parliament's upper chamber has already approved the measures.

Italy has been under pressure by its eurozone partners and the European Central Bank to balance its budget and get its debt problems under control.

Easing concerns

In recent weeks, the content of the austerity measures have undergone several revisions.

The current version aims to lower the country's debt by 54 billion euros ($74 billion) through budget cuts, tax increases, and changes to Italy's pension system.

It is hoped that with the passage of the austerity measures, concerns on the markets and among other eurozone countries that Italy's debt woes could spread will ease.

The passing of the austerity package sparked street protests in Rome on Wednesday night. Demonstrators clashed with police near the parliament building as lawmakers were still inside, voting on the new legislation.

Author: Matt Zuvela (Reuters, AP, AFP)
Editor: Andreas Illmer