Italian PM Berlusconi Has Resigned

From the WSJ:

Italian Prime Minister Silvio Berlusconi resigned on Saturday, bringing down the curtain on one of the most brash and controversial leaderships of the western world and ushering in a season of austerity for one of Europe's biggest economies.

http://online.wsj.com/article/SB10001424052970204358004577033703085619754.html


From the NYT:

His exit, a sudden fall after months of political stalemate, paves the way for a new government of technocrats led by Mario Monti, a former member of the European Commission. Mr. Monti is likely to be installed early next week, following the apparent consent of key blocs of Mr. Berlusconi’s center-right coalition.

After borrowing rates on Italian bonds soared last week to levels that have required other euro zone countries to seek bailouts, Mr. Berlusconi pledged to step down after the Italian Parliament approved austerity measures sought by the European Union.

Mr. Monti met on Saturday with Mr. Berlusconi and earlier in the day with Mario Draghi, the recently installed president of the European Central Bank, reinforcing the notion that financial and European institutions supported Mr. Monti’s appointment.

The mandate of the next government will be to push through measures to help reduce Italy’s $2.6 trillion public debt and increase growth to keep the country competitive.

The austerity measures approved by lawmakers include selling state assets and increasing the retirement age to 67 from 65 by 2026. They would also decrease the power of professional guilds, privatize municipal services and offer tax breaks to companies that hire young workers.

http://www.nytimes.com/2011/11/13/world/europe/silvio-berlusconi-resign-italy-austerity-measures.html?_r=1