Italian Prime Minister Silvio Berlusconi confirmed on Tuesday that he will resign as soon as Parliament has passed the budget laws demanded by the EU to solve Italy’s financial problems.
The decision, first made public in a statement by Italian President Giorgio Napolitano, came after the government won a budget vote, after the opposition abstained, but still failed to secure a majority by eight votes. This showed that MPs from his own coalition had voted against Berlusconi, and that he no longer has the support needed to run the country.
Berlusconi thus became the second European leader within a week to resign as a direct result of the eurozone crisis. Greek Prime Minister George Papandreou announced his resignation Sunday.
The 75-year-old media magnate is set to step down later this month, after the parliamentary votes, ending his controversial 17-year reign over Italian politics. Seemingly immune to the plethora of scandals and court cases against him for, among other things, fraud and sex with a minor, Berlusconi finally reached the end of the road due to a lack of trust within his own coalition.
Markets reacted positively to the announcement, and speculations have already begun about who will replace Berlusconi and lead Italy on the difficult road to economic recovery.
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