The Upper House of Italian parliament on Friday approved a draft austerity bill. This bill will help in the financial crisis and satisfy the bond markets and the European Union (EU). This bill was passed by the vote of senate. 156 to 12 votes were in the favour of the bill and only one was against it.

This bill also includes labour reform proposals; this proposal is aimed at increasing employment among women and young people and a sell-off of state-owned assets and agricultural land.

It is expected that the lower house will approve the bill on Saturday.

This bill was finally passed after lot of obstacles as earlier in this week, Mr. Silvio Berlusconi Italian Prime Minister said that he would resign after the government will finally approve the new austerity law.

Italian senate adopts austerity bill

Report by Dushyant Tiwari