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Italy to Speed Up Austerity Measures

Government’s moves may pave the way for ECB purchases of Italian bonds.

By Gregory Viscusi, Bloomberg | Updated on August 05, 2011

Prime Minister Silvio Berlusconi, seeking to prevent Italy from becoming the next victim of Europe’s debt crisis, vowed to balance the budget and impose austerity faster than planned as investors flee Italian bonds.

The moves may pave the way for the European Central Bank to try to bring down Italy’s borrowing costs by buying its bonds in secondary markets. The ECB yesterday said it would renew its bond-buying program, and council member Luc Coene said today the lender was ready to act as soon as governments “take steps.”

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