On Monday the European Central Bank announced it would buy Italian debt in a successful effort to lower its cost of borrowing. The new measures come on top of a previous round of spending cuts announced in July which aimed to balance the budget by 2014. Italy's borrowing costs rose sharply before the move as investors lost confidence in the government's ability to reduce its deficit.
Saturday, August 13, 2011
45 billion euro plan aims to balance Italy's budget
On Monday the European Central Bank announced it would buy Italian debt in a successful effort to lower its cost of borrowing. The new measures come on top of a previous round of spending cuts announced in July which aimed to balance the budget by 2014. Italy's borrowing costs rose sharply before the move as investors lost confidence in the government's ability to reduce its deficit.
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