Italy's Lawmakers Rush $99 Billion Austerity Plan After days of market turmoil, the Italian Parliament is rushing approval of an emergency budget to try to reassure international investors that Italy — the world's seventh-largest economy — will not be overwhelmed by the sovereign debt crisis.
NPR logo

Italy's Lawmakers Rush $99 Billion Austerity Plan

  • Download
  • <iframe src="https://www.npr.org/player/embed/138109941/138109936" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Italy's Lawmakers Rush $99 Billion Austerity Plan

Italy's Lawmakers Rush $99 Billion Austerity Plan

  • Download
  • <iframe src="https://www.npr.org/player/embed/138109941/138109936" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

STEVE INSKEEP, Host:

NPR's Sylvia Poggioli reports.

SYLVIA POGGIOLI: Mr. GIULIO TREMONTI (Finance Minister, Italy) (Italian language spoken)

POGGIOLI: Anna Finocchiaro, a leader of the opposition Democratic Party, said Berlusconi should get the message.

ANNA FINOCCHIARO: (Foreign language spoken) (Through Translator) And now, you should at least have the dignity and sense of responsibility to hand in your resignation.

POGGIOLI: Daniel Gros, director of the Centre for European Policy Studies in Brussels, says Italy is too big to fail.

DANIEL GROS: Italy is the final domino which would basically destroy the entire EMU, the entire Euro area, if Italy were to fall.

POGGIOLI: Sylvia Poggioli, NPR News, Rome.

Copyright © 2011 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.