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The prime minister of Italy, Monti, announced that he is going to sacrifice his salary. Prime Minister and Economy Minister, Mario Monti, is not going to accept his salary until the economy gets back on track.

The harsh and austerity measures to achieve budgetary balance was announced yesterday. Monti answered all the questions and mentioned about emergency measures needs to be taken. "One single debt risk and failure would jeopardize 60 years of effort" he said. "The sacrifices we want will get Italy up again and recover from a serious economical crises. We will overcome this problem all together." he added. 

Monti stressed that savings package arrangements carefully prepared to be fair and equitable.

Italian Prime Minister Mario Montito announce a new package of economic measures in the parliament tomorrow.

Monti and its government, who are fighting of a heavy debt crisis in Italy, aims to save approximately 20-25 billion eurosby the new austerity package until 2013.

The new package of economic measures targets to reduce the budget deficit 10-12 billion euros. Luxury car, yacht and private plane owners will have to pay additional "luxury tax" with this new plan.

The two announced Euro-saving packages in recent months in Italy, which is third-largest economy in EuroZone, are not considered enough to catch the stated goal of budget balance by 2013 because of public debt to gross domestic product (GDP) ratio reached 120 percent and the country is in danger of entering a recession.

Organization for Economic Cooperation and Development (OECD) forecasts Italy's economy to contract by 0.5 percent next year.