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Italian PM Renzi unveils reforms to tackle economy

Published on Feb 24, 2014 10:07 PM
Italian Prime Minister Matteo Renzi vowed to cut the tax burden by a double-digit figure by the first half of 2014 in a speech to the Senate in which he outlined an ambitious series of measures on Monday, Feb 24, 2014. -- PHOTO: REUTERS

ROME (REUTERS) – Prime Minister Matteo Renzi, approaching a confidence vote in his new government on Monday, pledged to cut labour taxes, free up funds for investment in schools and pass wide institutional reforms to tackle Italy’s economic malaise.

Facing parliament for the first time, the 39-year-old Renzi - Italy’s youngest premier – sketched out an ambitious programme of change in an hour-long speech delivered in his trademark quickfire style.

His room for manoeuvre will be limited.

“If we lose this challenge, the fault will be mine alone,” he told the Senate. The euro zone’s third-largest economy is in urgent need of potentially painful reforms and is weighed down by a 2-trillion-euro public debt.

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