Italy's Cabinet to approve new measures Sunday

December 4, 2011 - 10:00 AM

ROME (AP) — Premier Mario Monti has called a Cabinet meeting for Sunday to approve austerity and growth measures.

Monti's office said in a statement that the Cabinet, originally scheduled to meet Monday, would convene later Sunday.

The premier has been briefing political parties, unions, business groups and consumer lobbies on his plans over the weekend. He is scheduled to brief both houses of Parliament on the measures Monday.

The head of Italy's industrial lobby said Sunday that the survival of the common euro currency depends on Italy's coming up with very strong austerity and growth measures — followed by an effort at the European level so that Italian sacrifices are not in vain.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

MILAN (AP) — The head of Italy's industrial lobby says the future of the common euro currency depends on Italy's coming up with very strong austerity and growth measures.

Confindustria President Emma Marcegaglia briefed reporters after meeting with Italian Premier Mario Monti and his economic development minister on the measures, which could be announced as soon as Sunday evening.

In his second day of briefings Sunday, Monti met with unions, business groups and consumer lobbies.

Marcegaglia said Italy's austerity meassures need to be followed up with credible moves at the EU level to safeguard the currency so Italy's sacrifices are not in vain.