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THERE Italy goes, threatening to blow up the euro again. The uproar over the budget proposal put forward by the new left-right insurgent government has reignited fears that the eurozone’s third-largest economy is on the path to fiscal ruin and will drag the rest of the currency bloc down with it. It could happen, although not in the way or for the reason you may think.
ROME (Reuters) - Prime Minister Mario Monti unveiled a 30-billion-euro ($40.3 billion) package of austerity measures on Sunday, raising taxes and increasing the pension age in a drive to shore up Italy's strained finances and stave off a crisis that threatens to overwhelm the euro zone.
BRUSSELS: European finance ministers pledged to roll out a bulked-up rescue fund next month, leaving Greece and Italy on the frontlines until then in the fight against the debt crisis.
MILAN: Italy should manage to push through a closely watched bond sale, albeit at a record yield of around 6%, as the appointment of an emergency government brings some respite from market pressures that sent funding costs soaring last week.
ROME: Italy will not change its 2019 budget, Deputy Prime Minister Matteo Salvini said on Wednesday after the European Commission rejected the government’s fiscal plan and gave it three weeks to present a new one.
PARIS: Swiss giant Nestle has become the latest food company hit by Europe's horsemeat scandal, announcing it is removing two pasta meals from supermarket shelves in Italy and Spain due to contamination.
ROME: The Bank of Italy gave 2 billion euros ($2.71 billion) in emergency funds to struggling Monte dei Paschi bank in 2011 but this was not a secret operation and was perfectly normal, a source at the central bank said on Thursday.