Italy's senate approved a controversial austerity plan Wednesday, one step in the government's effort to stave off yet another European sovereign-debt crisis, Dow Jones Newswires reports.
The plan features more than 50 billion euros ($70 billion) in spending cuts and tax increases, even more than announced under the original plan.
It increases the value-added tax to 21% from 20%, puts a surtax on those earning more than 300,000 euros a year and raises the retirement age for some workers, among other measures, the wire service reported.
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