Italian Premier Berlusconi Agrees to Resign
- Posted on November 8, 2011 at 2:32pm by
Becket Adams
- Print »
- Email »
Italian Premier Silvio Berlusconi promised Tuesday to resign after parliament passes economic austerity reforms demanded by the European Union, capping a two-decade political career that has ended with Italy on the brink of being swept into Europe’s debt crisis.
Italian President Giorgio Napolitano met for about an hour with Berlusconi after the premier lost his parliamentary majority during a routine vote earlier Tuesday. In a statement, Napolitano’s office said Berlusconi had promised during the meeting to resign once the economic reforms have passed parliament.
A vote on the measures is planned for next week.
According to the Associated Press, Berlusconi said his decision to resign after parliament passes economic reforms is for the good of the country, and to settle financial markets that have lost confidence in Italy’s ability to rein in debt and spur growth.
Berlusconi said late Tuesday that he would prefer to call early elections, but that the decision rests with Italian President Giorgio Napolitano.
In comments that marked a dramatic shift from his normally defiant tone, Berlusconi conceded he had lost his parliamentary majority during a routine vote Tuesday and that “things like who leads or who doesn’t lead the government“ is less important than doing ”what is right for the country.”
Berlusconi’s key coalition ally Umberto Bossi, head of the devolutionist Northern League, said Berlusconi should be replaced by Angelino Alfano, secretary of the premier’s PDL party, reports Reuters.
“We asked the prime minister to stand down,” Bossi told reporters outside parliament.
Much like Greece’s George Papandreou, Berlusconi will become the next high-profile “political victim of the euro-zone crisis that has been ravaging the continent for the past two years,” writes the Wall Street Journal.
So far, the news has had a positive impact on the markets. Stocks are rallying on the news and the Dow instantly shot up by 50 points, reports Business Insider.
Some analysts see his exit as a blessing because Italy has been paying the price for Berlusconi’s financial and personal indiscretions. There was very little trust that he would be capable of enacting the reforms necessary to help Italy.
But there is an important question that Business Insider asks and it deserves to be repeated:
. . . how much does [Berlusconi resigning] help in reality? While there might have been some Berlusconi premium on bonds, it’s easy to imagine any benefit being very short-lived, as it dawns on everyone that the country faces some deep structural issues that can’t easily be rectified.
This is a breaking story. Updates will be added. The Associated Press contributed to this report.
Comments (9)
Sign In To Post Comments! Sign In
Popular Stories
Paper Details Obama Admin’s Alleged Secret Note Sent to Iran: If Israel Attacks, We Won’t Get Involved 581 Comments
‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 407 Comments
This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 407 Comments
Roseanne Barr: Most Billionaires ‘Violent Pedophiles’ & ‘Heartless’ Cocaine Addicts 373 Comments
President Obama Issues Major ‘Green Energy’ Executive Order 359 Comments
Faith
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 407 Comments
Pakistani Muslim Cleric Accused of Framing Disabled Christian Girl in Koran-Burning Case Read More- ‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 407 Comments
Meet the Controversial German Imam Accused of Brutally Beating His Wife & Pushing Sharia Law Read More
‘Self-Proclaimed Messiah’ & Unification Church Leader the Rev. Sun Myung Moon Has Died — Here’s His Life Story Read More
Business
- President Obama Issues Major ‘Green Energy’ Executive Order 359 Comments
- Germany’s Upcoming Court Ruling Will be Huge for the EU Read More
Ford Looks to Beat Toyota for Best-Selling Car in 2012 With This Model 151 Comments
Bernanke & QE3: Here’s What You Need to Know Read More- ‘Extortion’: Why Did the Labor Department ‘Drop the Hammer’ on Oregon Farmers? 302 Comments
Technology
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 407 Comments
‘TaserDrone’: Hackers Weaponize Quadcopter With Actual ‘Shocking’ Technology Read More
Ever Heard of the Wild ‘Burning Man’ Festival in the Middle of the Nev. Desert? Here’s Your Primer Read More
Stanford Develops Technology ‘Better Than Steroids’ for Athlete Recovery Read More
Have You Pretended to Know What ‘the Cloud’ Is? You’re Not Alone Read More
Submitting your tip... please wait!
MUDFLAPS
Posted on November 9, 2011 at 11:57amchao idiotas.
Report Post »rdietz7
Posted on November 8, 2011 at 11:19pmI hope they hold him accountable for all the damage he has done to Italy and all of Europe.
Report Post »neverfinal
Posted on November 9, 2011 at 9:42amAm I the only one that see’s a pattern happening all over the World. All these Leaders either stepping down or being Killed if they won’t. I remember early in Obama’s
Report Post »first months he said, “There will come the time , that the old will have to volunteer to step down, to be replaced with the new.” I believe that this is what we are witnessing all over the World right now. This is the NWO plan to collapse the entire economic system to bring in the New One World Monetary system and one world religion. These self appointed, Insane and Maniac type Elites will rule over the World, which means all useless humans will be slaves.
Those that live or survive, of course. They intend to control every aspect of our lives and govern the masses as a Third World type order. There will be only the ultra rich and the ultra poor. Kind of like Haiti, N. Korea, China, Russia, Mexico, etc.
Baikonur
Posted on November 8, 2011 at 8:56pmIt’s about time. Italy is not a Brothel!
http://www.spiegel.de/international/europe/0,1518,745507,00.html
Report Post »mrsmileyface
Posted on November 8, 2011 at 4:36pmWell thats one vermin out of office….too bad he cant take Obama with him. Pity were stuck with him for another year.
Report Post »lukerw
Posted on November 8, 2011 at 2:47pmThe EU makes bad choices… and the Leaders of Nations take the Blame. Great System!
Report Post »Lloyd Drako
Posted on November 8, 2011 at 2:38pmThere’s something to be said for a parliamentary system! If Obama were an Italian Prime Minister instead of an American President, he‘d have been gone a year ago and we’d have had a year of John McCain, who as the head of the Opposition would have assumed power. The GOP would have been forced to assume some responsibility for something instead of enjoying the luxury of pure negativity.
Report Post »I Luv America
Posted on November 8, 2011 at 2:51pmCouldn’t we have come up with someone better than John McCain?
Report Post »Lloyd Drako
Posted on November 8, 2011 at 3:41pmYes. By 2010 the Republicans could have dumped McCain in favor of any of the current candidates and perhaps a few others as well. But the process would have been entirely internal to the party, without consideration of independents and extra-party pressure groups like the Tea Party. We would have been spared the endless public polling, breathless gotcha media moments, phony debates and who’s-on-first competition among primary and caucus states. And it would be over in a few weeks, rather than involving an ongoing campaign longer than most of the wars we’ve fought.
Report Post »