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Berlusconi to resign after parliamentary setback
Source: Agencies |
November 9, 2011, Wednesday
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Online Edition
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ITALIAN Prime Minister Silvio Berlusconi said yesterday he would resign after stability measures were approved following a meeting with President Giorgio Napolitano, according to a statement published by the Italian President Palace.
Berlusconi confirmed a statement from President Giorgio Napolitano that he would step down as soon as parliament passed urgent budget reforms demanded by European leaders after Italy was sucked into the epicenter of the eurozone 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 fueled 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.
Napolitano said he would now hold consultations on the formation of a new government. Markets and Napolitano himself are thought to favor a technocrat or national unity government.
Berlusconi's government won a key budget vote after the opposition abstained yesterday but failed to secure a majority, obtaining only 308 votes in the 630-seat lower house, eight short of the 316 needed to be sure of passing legislation.
Pier Luigi Bersani, the leader of the main opposition Democratic Party, said Italy ran a real risk of losing access to financial markets after political uncertainty pushed yields on government bonds towards a red line of 7 percent.
"I ask you, Mr Prime Minister, with all my strength, to finally take account of the situation ... and resign," Bersani said immediately after the vote.
Italy, considered too big to bail out, has replaced Greece as the main cause for concern in the eurozone's sovereign debt crisis.
Berlusconi confirmed a statement from President Giorgio Napolitano that he would step down as soon as parliament passed urgent budget reforms demanded by European leaders after Italy was sucked into the epicenter of the eurozone 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 fueled 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.
Napolitano said he would now hold consultations on the formation of a new government. Markets and Napolitano himself are thought to favor a technocrat or national unity government.
Berlusconi's government won a key budget vote after the opposition abstained yesterday but failed to secure a majority, obtaining only 308 votes in the 630-seat lower house, eight short of the 316 needed to be sure of passing legislation.
Pier Luigi Bersani, the leader of the main opposition Democratic Party, said Italy ran a real risk of losing access to financial markets after political uncertainty pushed yields on government bonds towards a red line of 7 percent.
"I ask you, Mr Prime Minister, with all my strength, to finally take account of the situation ... and resign," Bersani said immediately after the vote.
Italy, considered too big to bail out, has replaced Greece as the main cause for concern in the eurozone's sovereign debt crisis.
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