Italy economic reforms to be announced close of markets august 5 2011

Indonesia stock info - Italy economic reforms to be announced close of markets august 5 2011 ; An official, who asked not to be named, said the measures were expected to be announced at a press conference after the close of markets following a day in which the spread between Italian and German 10-year bonds overtook that of Spain, placing Italy – the eurozone’s third largest economy – at the centre of the sovereign debt crisis.

The talks, joined by Gianni Letta, cabinet under-secretary, represented the first significant departure from Mr Berlusconi’s failed efforts to ride the storm by largely blaming external forces and market “speculators” for the sharp increase in Italy’s borrowing costs on its debt mountain equal to 120 per cent of GDP.

The government would continue to work on the package through August and parliament could be called back early from its summer recess to pass the necessary legislation, the official said.

Measures to be announced include a plan to amend the constitution to make a balanced budget mandatory, a second constitutional change that would force “closed professions” to liberalise services, a speeding up of welfare reforms, and other structural reforms designed to boost Italy’s stagnant economy.

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