Italy approves Monti austerity in decisive vote

ITALY’S senate passed a vote of confidence in the government of new PM Mario Monti yesterday, putting the final seal on an emergency austerity budget rushed through to restore market confidence in the economy.

The upper house voted 257 to 41 for the government, following a similar easy win in the lower house last week.

Monti said he was happy with the vote and Italy could hold its head high in Europe after passing the package of spending cuts, tax rises and pension reform.