Italian Prime Minister Mario Monti to present a new 24-billion-euro ($32billion) new austerity plan to the parliament on Monday in a bid to cut the country’s massive state debt and get the ailing Italian economy back on track.Monti said the new anti-crisis package approved by his government over the weekend would help the eurozone’s third largest economy avoid the scenario unfolding in Greece, which is teetering on the brink of default.Monti said Italy was in a deep crisis and should take all efforts to save it, adding that he hoped the Italian parliament would approve the government’s new anti-crisis measures.
Final approval of the reforms in parliament is expected before Christmas. Italy is under intense pressure from its eurozone neighbours and international investors to introduce draconian measures to rein in its public debt ahead of a crucial European Union summit on Thursday and Friday.
Rome has already adopted two austerity packages this year but the European Commission indicated that the eurozone's third largest economy would fail to reach its target of balancing the budget by 2013 without more belt-tightening.
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