Berlusconi To Resign
Italian Prime Minister Silvio Berlusconi announced Tuesday that he is to resign as soon as his country's parliament passes urgent budget reforms demanded by European Union.
Suffering a humiliating setback in parliament that showed a party revolt had stripped him of a majority, Berlusconi confirmed that he would step down as soon as parliament passed urgent budget reforms demanded by European leaders after Italy was sucked into epicenter of the euro zone debt crisis.
The votes in both houses of parliament are likely this month and they would spell the end of a 17-year dominance of Italy by the flamboyant billionaire media magnate.
His failure to implement reforms fuelled a party revolt and Berlusconi told his own "Canale 5" television station that the only option was an early election. However, this could prolong the uncertainty that has sapped market confidence.
Source: News Agency , Edited by moqawama.org
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