Italy's Senate approves emergency austerity plan *PIC*

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Italy's Senate approves emergency austerity plan (by Barbara Kollmeyer)

MADRID (MarketWatch) -- Italy's Prime Minister Mario Monti secured approval for his €30 billion ($39 billion) emergency austerity package, media reports said. The package won a final confidence vote in the Senate after a lengthy debate Thursday evening. Italy's two main parties, the center-right People of Freedom and the center-left Democratic Party, have opposed the plan, but backed it in the end "for a sense of responsibility." Monti had called a confidence vote in both parliament chambers to try and speed up the package. The lower house of parliament passed the package last Friday.

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