‘Italy introduces anti-crisis measures’

‘Italy introduces anti-crisis measures’

Italian Prime Minister Enrico Letta has introduced anti-crisis measures aimed at improving the country’s struggling economy, Press TV reports.

The new package includes more than 80 measures, designed to fix problems such as the country’s high unemployment.

The measures known as the “to do decree” by Italian media, will focus on reshuffling existing financial resources and putting aside some 3.0 billion euros for public works this year. The government says this will create some 30,000 temporary jobs.

During a summit in the Italian capital Rome last week, Letta told French, German, and Spanish finance and labor ministers that his country was running out of time to improve the growing jobless rate.

Italy’s jobless rate soared to 12 percent in April. About four in 10 people between the ages of 15 and 24 are unemployed.

Letta has also vowed to reduce electricity bills by a total of 500 million euros.

However, some analysts say that the measures do not offer real change in the country’s economy.

Italy started to experience recession after its economy contracted by 0.2 percent in the third quarter of 2011 and by 0.7 percent in the fourth quarter of the same year.

Italians have been staging protests against high unemployment, economic adversity, and hardship over a series of government-imposed austerity packages in the recent years.

The government says the reforms are needed to create jobs, increase competition, and cut costs in the economy.

The European financial crisis began in early 2008. Insolvency now threatens heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland, and Spain.

The worsening debt crisis has forced EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered massive demonstrations in many European countries.