Italian Prime Minister Silvio Berlusconi promised on Tuesday that he would resign from his post after parliament passes economic reforms which have been demanded by the European Union.
Parliament is expected to pass those reforms sometime next week which will officially mean the end of Berlusconi’s two-decade long political career.
Berlusconi lost his parliamentary majority after a routine vote on Tuesday morning.
In a statement regarding the situation the office of Italian President Giorgio Napolitano made the announcement of Silvio’s plans to resign.
Critics of the soon-to-be former prime minister have largely pointed the finger at his administration which has been involved in various acts of corruption, fax fraud and even paying for sex with a minor. Opponents argue that with his international credibility shot he has no chance of pushing through must needed measures that would help secure Italy’s financial future.
At the time of this announcement Italian bond yields have neared ever closer to the red line of 7 percent while Berlusconi has been forced to accept IMF monitoring of the countries reforms which Berlusconi originally said would make the notoriously inflexible country more economically flexible.
Do you think Silvio Berlusconi resigning will help Italy through the financial mess that currently surrounds the country?