AlHijjah 6, 1432, Nov 2, 2011, SPA -- Italian Prime Minister Silvio Berlusconi was set later Wednesday to hold talks with senior cabinet minister on implementation of a series of urgent economic reforms promised to the European Union last week, media reports said, according to dpa. The meeting would follow consultations held late Tuesday when Berlusconi was forced to rush back to Rome as interest payments on government bonds spiked and the Milan stock exchange plunged amid persistent uncertainty over the ability of the eurozone's third-largest economy to repay its huge public debt. According to the Ansa news agency, the conservative government is discussing a possible timetable for introducing the reforms, including privatizations of state-owned assets and the abolition of certain branches of the public administration sector to reduce costs. Italy has come under pressure from investors, who fear the burden of government debt, coupled with sluggish growth and growing political paralysis, could jeopardize its ability to repay its debts. Italy's public debt in 2010 exceeded 118 per cent of gross domestic product (GDP). GDP is forecast to grow by a modest 0.7 per cent in 2011 and by 0.6 per cent in 2012, according to Economy Ministry figures presented in September.
