An EUR7.5 million package of tax measures and expenditure cuts has earned Italy a reprieve from the European Commission over the state of its economy.
Standing in for Finance Minister Giulio Tremonti, who resigned at the weekend, Italian Prime Minister Silvio Berlusconi told EU finance ministers on Monday that amongst other measures, Italy will be scrapping tax breaks for banks and insurance firms.
Although the tax and spending changes have yet to be approved by the Italian cabinet, Mr Berlusconi promised those attending the meeting in Brussels that this was a fait accompli.
According to reports in the European media, the move was sufficient to ensure that a threatened "early warning" on the state of the Republic's economy will not now be necessary.
.Tags: Italy | Italy
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