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End of an era: Debt crisis forces Berlusconi to promise to resign, Greece to get new PM
By Derek Gatopoulos, Associated Press | AP – 1 hour 14 minutes ago
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ROME (AP) -- Italian Premier Silvio Berlusconi conceded Tuesday he no longer had the support to govern and announced he would resign like his Greek counterpart, becoming the biggest political casualty yet of the European debt crisis.
Berlusconi promised to leave office after Parliament passes economic reforms demanded by the European Union to keep Italy from sinking into Europe's debt mess. He came to the decision hours after a vote on a routine piece of legislation made it clear he no longer commanded a majority in the lower Chamber of Deputies.
A vote on the reform measures is planned for next week, giving Berlusconi a few more days before his turbulent 17 years in public life — and a political era in Italy — draw to a close. Over the years, Italy's political establishment watched as the media mogul survived sex scandals and corruption charges while branding his opponents communists, traitors and terrorists.
Both Italy and Greece are under heavy pressure to reassure financial markets that the 17-country eurozone is moving quickly to reduce crippling government debts before they break apart the monetary union and plunge the world into a new recession.
http://beta.finance.yahoo.com/news/berlusconi-promises-resign-amid-italy-192448625.html
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