The Italian senate has approved an austerity budget worth 68 billion dollars in an effort to prevent the European debt crisis from engulfing the country. Italy has one of the largest debt mountains in the eurozone and wants to avoid any need for a bail-out. Italian Prime Minister Silvio Berlusconi has said Italy is on the front line of the eurozone's economic difficulties.Earlier this week, the International Monetary Fund asked Italy to ensure decisive implementation of spending cuts. In a report, the IMF said Italy must make efforts to reduce public debt, maintain the stability of its financial sector and introduce structural reforms to boost growth.