11 Nov 2011

Italy Stares Into Recession Abyss


Italian Prime Minister Silvio Berlusconi makes final preparations to say “arrivederci,” but even those discontented with his policies appear less than certain that the new captain will manage to steer the Italian mega-yacht to a safe haven. Italy is rushing through painful austerity cuts aimed at averting a worst-case scenario in the EU's third-largest economy. A vote in the Senate is expected on Friday.

Approval by both houses of parliament will finally end the era of Silvio Berlusconi, who has promised to resign as soon as new laws are passed.

But many in Italy doubt the new government will bring relief to the struggling country. Source