Rome, Italy — Italian Prime Minister Matteo Renzi has announced the country’s first bailout for the European Union and Eurozone, as he pushed ahead with a plan to raise taxes and raise revenue.
Renzi said he’d raised taxes on the rich to close the deficit, while also boosting spending on infrastructure, including roads, airports and ports.
He said the government would pay for a 1.6 billion euro ($1.85 billion) debt service, the largest in the bloc.
Renz also announced that the country will introduce a new one-child policy, with the government introducing a ban on abortions for women under 30 and a ban for people with more than two children.
The government also said it would limit social benefits for the poor and pensioners.
The economy has grown in the past three years to 1.5% from 1.3% in 2015, according to the European Commission, the European Central Bank and the International Monetary Fund.
The economy has also grown faster than expected since the crisis hit, adding 1.4% in the third quarter of 2017.