Italian PM briefs politicians on austerity plan

Page last updated at 17:36 GMT, Saturday, December 3, 2011 - 22:36 EST

Associated Press:

Premier Mario Monti briefed political leaders Saturday on his package of austerity and economic growth measures ahead of a critical week of Italian and European decision-making to confront the continent's debt crisis.

Politicians gave few details about the individual measures Monti outlined, but described them as "severe" but necessary since Italy had put off tough economic reforms for too long.

"Let's be clear: Doctors rarely prescribe medicine that tastes good," said Pierferdinando Casini, head of a small but influential Christian Democrat party. "Medicine is always bitter, but sometimes it's necessary to prevent the patient from dying."

Monti is under enormous pressure to reassure markets that he can push the package of reforms through Parliament to heal Italy's broken public finances: Italy's €1.9 trillion ($2.5 trillion) in debt is 120 percent of its gross domestic product.

Unlike Greece, Portugal and Ireland, which got bailouts after their borrowing rates skyrocketed, the eurozone's third-largest economy is considered to be too big to be bailed out.

Read the whole story: Associated Press