Italian Prime Minister resigns

Italian Pri111112050413-silvio-berlusconi-story-bodyme Minister Silvio Berlusconi officially stepped down today after the lower house of parliament approved austerity measures to restore confidence in the country’s economy.

Berlusconi was true to his words that he will resign if the measures intended to cut spending and boost growth for Italy were passed.

The overwhelming vote is 380 against 26 who disagree with the measures which includes pension reform and the raising of retirement age from 65 to 67 years; privatization of stated-owned companies and sale of stated-owned properties; liberalization of certain professions; and the investment in infrastructure.

Such moves are assumed to save Italy to recover from meltdown.

The former prime minister may lost the confidence of his allies in the parliament but he would get humble salute after doing what is far more appropriate for a statesman.

After the resignation, President Giogio Napolitano could either appoint a government of technocrats or call fresh elections on early 2012.

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