The Italian government has overwhelmingly won a crucial parliamentary vote of confidence Friday over an austerity package intended to help the third largest economy in the eurozone get its finances in order.

The lower house of parliament voted 495-88 in favor of a nearly $40 billion austerity package Friday, with the upper house voting next week.

Prime Minister Mario Monti’s technocratic government has broad support in both houses and has pushed through a series of tax hikes, spending cuts and pension reform to bring Italy’s budget in line by 2013.

Mr. Monti was appointed last month to replace longtime Prime Minister Silvio Berlusconi.

Mr. Berlusconi stepped down just before Italy began considering the austerity measures to avoid a debt crisis.