Italy Economic Crisis: 24,000 government employees to lose jobs

Italy is planning to cut short its spending worth 26 billion euros ($32 billion) which will see its impact on around 24,000 government employees.

11,000 workers of government ministries and public bodies and 13,000 workers of local administrations are due to lose their jobs.

However 8,000 jobs will also be created from early retirements.

Europe is going through economic crisis and countries like Spain and Italy are hit worse.

Italian Prime Minister Mario Monti and his government approved the cuts for the next 3 years. This was done to delay a rise in value-added taxes.

Mario's government came to power after Silvio Berlusconi resigned in November 2011.

During Silvio time a 1.9 trillion euro debt on Italy threatened to default on interest payments.