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Berlusconi vows to resign

CAROL MARTINDALE, [email protected]

Berlusconi vows to resign

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Italian Prime Minister Silvio Berlusconi has confirmed he intends to resign after key economic reforms have been approved.
His announcement follows a vote in parliament on the budget in which he appeared to lose his majority.
Both allies and opponents have been urging Berlusconi to step down as Italy’s debt crisis grows.
Borrowing rates have shot up in recent days, raising concerns over whether Italy can service its debts.
While Italy’s deficit is relatively low, investors are concerned that the combination of Italy’s low growth rate and 1.9tn euro (£1.63tn; $2.6tn) debt could make it the next country to fall in the eurozone debt crisis.
The European commissioner for economic affairs, Olli Rehn, described the country’s economic and financial situation as “very worrying”.
Mr Berlusconi has dominated Italian politics for the last 17 years.