"Speculation that Silvio Berlusconi will soon resign swept Italy today, before being denied on Facebook. Photograph: Francois Lenoir/REUTERS
2.31pm: As we reported earlier, France announced a tougher fiscal consolidation programme this morning.
In the short term, the plan is designed to save an extra €7bn so that the country hits its deficit targets despite much weaker growth in 2012 (the French economy is likely to stumble along with 1% growth, not the 1.75% forecast this summer).
Economists have warned that France's AAA rating could be at risk. Francois Fillon, the French prime minister, admitted himself that the country must take serious steps to remain ahead of Europe's debt crisis:"
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