Italy's senate approves spending cuts

Italian lawmakers have approved billions of pounds worth of cuts in public spending, in an effort to calm fears about the country's debts.

If the decision is ratified in the parliament's lower house it will pave the way for the departure of the prime minister, Silvio Berlusconi.

Last night, President Obama intervened in the crisis facing the Eurozone urging European leaders to act quickly to restore financial stability.

Joe Lynam reports.