Italian govt passes $100 bln in economic reforms

June 15, 2012, Friday/ 17:03:00

The Italian government has announced urgent measures worth 80 billion euro ($100 billion) to spur economic growth and lower debt as financial markets increasingly worry about the country's finances.

Premier Mario Monti's Cabinet passed the wide-ranging measures Friday. They include the sale of government property, issuing special bonds for infrastructure projects and reducing headcounts for the Cabinet and in the Treasury Ministry.

The government plans to raise ?10 billion through the sale of financial and oversight companies controlled by the Treasury, and use the money to pay down public debt.