Italy’s Prime Minister Silvio Berlusconi

Italy’s Prime Minister Silvio Berlusconi gestures as he speaks during a press conference in Rome on August 12, 2011, ahead of a cabinet meeting called for the adoption of a new austerity programme. The new austerity measures aim to help assuage jittery markets by returning Italy to a balanced budget in 2013 instead of 2014 as previously planned. Italy’s cabinet approved a 45-billion euro (64-billion USD) austerity programme including local government cuts and a “solidarity tax” on high earners in a bid to get out of a debt crisis. Silvio Berlusconi said the measures were in line with demands from the European Central Bank in return for massive support given to Italy’s bond markets this week. AFP PHOTO / VINCENZO PINTO (Photo credit should read VINCENZO PINTO/AFP/Getty Images)

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