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"The austerity package will be sufficient to bring [Italy's] deficit-to-GDP ratio down to zero"
- Chiara Corsa and Loredana Federico, economists at UniCredit SpA
Italy's senate passed a vote of confidence 257 to 41 on Prime Minister Mario Monti's emergency budget plan on Thursday as the government struggles to restore investor confidence in the euro zone's third largest economy.
"The austerity package will be sufficient to bring the deficit-to-GDP ratio down to zero," UniCredit SpA economists Chiara Corsa and Loredana Federico, both based in Milan, wrote in a note to investors on Thursday.
"The pension reform is by all means a major achievement, which shows the government's commitment to reduce public spending in a structural way."