Berlusconi to put reforms to Senate next week

3rd November 2011, Comments 0 comments

Italian President Silvio Berlusconi will put an urgently put together reform package aimed at reining in the country's runaway debt to parliament next week, a government source said Thursday.

Berlusconi, who presented the reforms adopted Wednesday to EU leaders attending the G20 meeting, would send the package to the Italian Senate next Tuesday or Wednesday, said the Italian source at the G20 summit in Cannes.

"The government will ask the Senate for its confidence on these measures," the source added, noting that "in 10 or 15 days, all will be determined and defined."

An emergency cabinet meeting on Wednesday adopted reforms including selling state assets, tax incentives for recruiting workers, measures to boost market competition and the unblocking of billions in aid for southern Italy.

During a mini-summit Thursday ahead of the G20 meeting, Berlusconi presented the reforms to other eurozone leaders as well as EU and IMF top official.

The Italian President also mentioned his intention to open discussions with the unions to reform the labour market.

Italy has pledged to balance its budget in 2013.

Despite the government's efforts to calm markets, Italian borrowing rates hit record high levels on Thursday as analysts dismissed the measures as too meagre to stimulate the economy.

© 2011 AFP

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