Italian prime minister Mario Monti will present a new austerity plan to his country's parliament on Monday.
A better-than-expected US jobs report helped abate selling pressures on Wall Street. But Europe's debt problems are pressuring EU officials to act.
Investors in Europe have set their sights on Italy, speculating that if a Greek bailout isn't approved and Athens defaults on its government debt, Italy is next.
With high debt and falling stocks, Italy appears to be the next European economy on the brink. Investors and European officials are now sounding alarm bells.
If Prime Minister George Papandreou survives tonight's confidence vote, he will push for the austerity measures needed to secure further financial aid from EU and IMF to avoid a default.