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5 October 2011 Last updated at 00:32 GMT Help

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Italy Senate passes budget hard

July 14, 2011, updated at 14: 13 GMT the objective of the measures to balance the budget in 2014 the Italian Senate has approved a budget of austerity difficult, including cuts of 48bn euros ($67bn; ￡ 42bn) in three years.

The lower House should also take measures in a vote on Friday. Correspondents say they are unlikely.

Italy has one of the largest in the euro area debt mountain and wants to avoid any need for a release on bail.

PM Italian Silvio Berlusconi said that Italy is in the frontline of economic difficulties of the euro area.

Italy raised 2. EUR 97bn (. 2bn$ 4; ￡ 2 took) through a sale of bonds by the Government for 15 years on Thursday, but had to offer a rate of 5.9 per cent of profitability - a record for these bonds.

'Monstruo' threat

Editor of Europe BBC Gavin Hewitt, in Rome, said that the Government and the opposition know that Italy is under fierce scrutiny by the market because of its large debts.

Earlier this week, the International Monetary Fund (IMF) urged Italy to ensure "crucial" for spending cuts.

In a report, the IMF said that Italy should make efforts to reduce public debt, maintain the stability of its financial sector and structural reforms to boost growth.

The package was put to Parliament earlier than planned, amid concerns that Italy may be the next country to be beaten by the euro-zone debt crisis.

Opposition parties voted against the package but agreed to not delay, not to prolong the uncertainty in the markets.

He spent by 161 votes to 135 in the Senate on Thursday.

Minister of finance Giulio Tremonti Italy hopes his package to reduce the deficit to zero by 2014 from 3.9 per cent of the gross domestic product this year.

He said in Parliament that, without the budget, "the debt of our past Monster swallows our future".

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