As Italy struggled to unravel its debt crisis yesterday (14 July), Economy Minister Giulio Tremonti unequivocally compared the euro crisis to the sinking of the Titanic. Across the ocean US President Barack Obama struggled to avoid a debt default by the world’s largest economy.
Italy’s austerity budget passed a first hurdle in parliament, but the opposition says Prime Minister Silvio Berlusconi's government is a shambles and should resign after it is finally approved.
The four-year package, which has been increased to 48 billion euros from 40 billion euros in the last 24 hours, is aimed at balancing the budget by 2014
To read the full, original article click on this link: Titanic spectre looms large over world finance | EurActiv
