November 12, 2011
Greece and Italy—whose fiscal and political crises have set off ever-bigger scares among global investors—took concrete steps toward budgetary austerity Friday, helping soothe markets for the moment.
Even as investors welcomed indications that Greek and Italian politicians were putting aside partisanship to begin to repair national finances, however, worry emerged over the rising borrowing costs of the euro zone's No. 2 economy, France.
In Rome, Italy's Senate overwhelmingly approved a package of growth-boosting measures that are likely to pave the way for the resignation of longtime Prime Minister Silvio Berlusconi as soon as this weekend, and the appointment of an interim government.
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