Prime Minister Mario Monti Calls Cabinet to Consider Emergency Austerity Measures

A stressful situation.

At New York Times, "Italy’s Leader Unveils Radical Austerity Measures."

The country’s new welfare minister, Elsa Fornero, a pension expert, choked with emotion at the news conference as she explained how Italians would be asked to sacrifice today in order to make the pension system less “arbitrary” and “more equitable” for future generations.

Also, at Business Week, "European Leaders Take Another Run at Fixing Crisis This Week." And Telegraph UK, "Merkel and Sarkozy meet for make-or-break euro rescue talks."