Austerity Package, Austerity | featured news

Italy’s Senate voted overwhelmingly in favor of a package aimed at eliminating Italy’s budget deficit by 2013 and stimulating its economy as part of a broader plan to stabilize the euro.

Greece will miss a deficit target set just months ago in a massive bailout package, according to government draft budget figures released on Sunday, showing that drastic steps taken to avert bankruptcy may not be enough.

Greeks expressed their misery on Monday at the erosion of their daily lives by austerity measures demanded by international lenders in exchange for bailout funds, ahead of a key parliamentary vote on extra property tax.

Thousands of protesters and an equal number of police fanned out in several Greek cities Saturday evening ahead of an expected announcement by the country's prime minister that additional austerity measures are on the way.

The Italian austerity budget worth nearly 48 billion euros was approved by the upper house of parliament on Thursday, overcoming its first parliamentary hurdle.

Solace for world leaders trying to enforce painful austerity measures: At least you're not running Romania.