Italy Has Long Road to Avoid Financial Collapse

By: Alessandra Rizzo AP
By: Alessandra Rizzo AP

ROME (AP) -- Premier Silvio Berlusconi faces a tough battle and
likely opposition from political rivals and some unions if he is to
enforce measures aimed at avoiding Italy's financial collapse and
boosting the country's stagnant economy.

While the new moves announced Friday by the government were
welcomed by some analysts, others criticized the measures to spur
growth as too vague and some in the opposition demanded a change of
government -- an option Berlusconi dismisses.

Berlusconi's government devised a euro70 billion ($99 billion)
austerity package last month. But on Friday, after intense pressure
from markets and fellow European leaders worried that Italy might
become the next victim of Europe's debt crisis, Berlusconi agreed
to speed up the process.

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