NBC News — Public workers are back on the picket line monday protesting against government austerity cuts. Italy's government is working on a new budget aimed at keeping the country from going bankrupt. The measures will cut public spending, raise taxes and reform pensions.
Italy's the new Prime Minister of one month has acknowledged the sacrifices his government is asking Italians to make, but said it was a price that had to be paid to cut Italy's borrowing costs on international markets. Italy has one of the highest debt burdens in Europe and unlike Greece, the country is too big to bailout.