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Italian cabinet adopts austerity plan: Berlusconi
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| Italian Prime Minister Silvio Berlusconi (L) looks towards Italian Finance Minister Giulio Tremonti before a votes for the decrees of economic development in Italy's chamber of deputies on June 21, 2011. The Italian government was due to adopt an austerit |
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(Rome, ITA) - Italian Prime Minister Silvio Berlusconi announced Thursday the adoption of an austerity plan aimed at reducing the public deficit to 0.2 percent of gross domestic product (GDP) by 2014.
The plan was adopted at a lengthy cabinet meeting that took place amid high political tension within the ruling coalition and growing investor concern over Italy's high public debt and low economic growth rate.
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