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Italy’s Senate meeting Friday marks the beginning of the end for Prime Minister Silvio Berlusconi, who is expected to step down Saturday after Senate’s lower house approves a massive economic stimulus package aimed at cutting Italy’s 1.9 trillion euro public debt.
Prime Minister Silvio Berlusconi announced he would step down Tuesday after losing to a parliamentary majority on a budget vote. His resignation came sooner than expected, just shortly after parliament approved the massive economic package aimed to cut debt and stimulate growth.
According to BBC, Berlusconi stepped down “amid mounting concern that Italy could be the next victim of the eurozone debt crisis.”
Berlusconi indicated he would not step down until parliament implements the package. Parliament will speed up processes over the weekend, and a new government is to be implemented Monday.
Senate’s upper house met at 9:30 Friday, and is likely to pass the stimulus package today. The lower house will likely pass it tomorrow, and Berlusconi is expected to step down Saturday afternoon or Sunday.
Many believe respected economist Mario Monti’s newly anointed title “Senator for Life” indicates his succession as Italy’s prime minister.
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The title transforms Monti from an academic to a legislator. Monti received a resounding round of applause as he took his seat in the upper house Friday.
If elected as the new prime minister, Monti would hold a technocratic government.
“I offer my congratulations and those of the government for his nomination as a senator for life, which is testimony to his achievements, and I wish him success in working in the interests of the country,” said Berlusconi in a statement on Wednesday.
Monti, 68, is revered throughout Italy’s political community as being honest and hardworking. He is also nicknamed “Super Mario” for his record standing as a European commissioner.
Parliament hopes the economic package will pull Italy from the euro debt crisis that already engulfed Greece and Ireland.
On Wednesday, Italy’s cost of borrowing reached a new record, with government bond yields rising to 7 percent. BBC contended the rate is “widely regarded as unsustainable.”
Both Ireland and Greece sought an international bailout shortly after exceeding the 7 percent mark.
However, come Thursday, Italy’s 10-year bond yields were under 7 percent again.
“The expected end to political chaos appeared to have brought some calm to markets,” according to Reuters.
Italy’s President Giorgio Napolitano remains optimistic considering Italy’s dire economic strains.
"I am sure Italy will make it. Our country and all its political and social forces will be up to the challenge," said the Italian president.
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