CNN news 2011-11-11
AZUZ: A prime minister under pressure, austerity measures -- a government`s way of cutting spending -- huge debt and protests. You might guess we`re talking about Greece.
AZUZ (voice-over): We`re talking about Italy.
This is Prime Minister Silvio Berlusconi. He oversees a country that`s so deep in debt it can`t get a bailout like Greece. Berlusconi is trying to grow Italy`s economy and create jobs, but if he can`t or if the Italian government thinks he can`t, Matthew Chance describes what could happen.
MATTHEW CHANCE, CNN REPORTER: The Italian prime minister, Silvio Berlusconi, under renewed pressure today as his country`s economic crisis sends tremors through the financial markets.
At one point, Mr. Berlusconi was forced to deny persistent rumors that he`s poised to resign over his handling of the economy. Italy, of course, has enormous public debts and markets appear to have lost faith in Berlusconi`s ability to push through much-needed austerity measures.
The problem is the debt`s so high, more than Greece, Spain, Portugal and Ireland put together, bailing out Italy simply isn`t an option, and there are fears of an Italian default that could bring down the entire Eurozone.
At the weekend here in Rome, tens of thousands of protesters marched through the center of the city to demand Berlusconi step aside and call fresh elections or allow a caretaker government to take over. The public appear to have lost patience.
There`s a crunch budget vote in the Italian parliament on Tuesday, which will be a crucial test of Prime Minister Berlusconi`s fragile coalition. If he loses that, we could be looking at a new Italian government very, very soon.
AZUZ (voice-over): Update on the flooding in Thailand: these pictures tell you the story. What started with unusually heavy rainfall has turned into Thailand`s worst flooding in half a century. More than 500 people have lost their lives. Almost 15 percent of the population have flooding in their homes.
The waters are rising in Bangkok, the capital city. This was supposed to be an airport runway. Thailand`s government is concerned that things could get worse before they get better.