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Italy Plans Cuts As Europe Gets A Credit Warning

Standard and Poor's on Monday warned eurozone countries that it may downgrade their credit ratings if they don't get their fiscal houses in order. Debt-ridden Italy is too big to fail, and too big to be bailed out by its EU partners. Its technocrat-in-chief Mario Monti hopes a new package of austerity measures will rein in debt and reassure the bond markets.