Italy ratifies EU treaty to battle debt crisis

ROME: Italy's parliament on Thursday ratified the European fiscal pact, which imposes strict budget discipline on its signatories in a bid to resolve the eurozone debt crisis.

The treaty, which will take effect on January 1, 2013 as long as it is ratified by at least 12 European Union member states, was approved with 380 votes in favour, 59 against and 36 abstentions.

Only the populist Northern League party, which was in a coalition government under Silvio Berlusconi until November last year, voted against while the centre-left Italy of Values party abstained.

At an earlier vote on the treaty, Northern League senators had held up a banner reading: "Yes to a Europe of peoples, No to a Europe of banks."

The treaty was approved by all EU leaders minus Britain and the Czech Republic.

The pact aims to enforce stricter budgetary rules in the bloc and prevent the high public deficits that touched off the eurozone turmoil.

Source: http://economictimes.feedsportal.com/fy/8av2Fvy0c26xj2mQ/story01.htm

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