16 Jul 2011

Austerity budget approved by Italy

7:01 am on 16 July 2011

Parliament in Italy has approved a $48 billion euro ($US67 billion) austerity package aimed at averting a full scale financial crisis.

The package was passed by the Senate on Thursday.

The final vote in the lower house on Friday was 314 in favour and 280 against.

The BBC reports the package was put to parliament ahead of schedule, amid concerns that Italy may be the next country to be hit by the eurozone's debt crisis.