(Image Source: Wikimedia Commons)

BY NICK ADAMS

ANCHOR CHRISTINA HARTMAN

After months of begging, the opposition and some of Berlusconi’s own party members are getting their wish: Berlusconi will step down as Prime Minister. CNN has the latest.  

“Breaking news out of Italy. Italian Prime Minister Silvio Berlusconi will resign.  His parliament just approved several budget reforms on a contentious vote.”  

Berlusconi told the president he will resign after the austerity bill was passed.  

The move comes after the Italian Prime Minister won a crucial budget vote on Tuesday--
but the final tally signals-- he’s lost his majority.
CNBC says Berlusconi won the vote because...

...the opposition abstained. If they had voted, he would have lost the bill. Because he only got 308 votes. He needed 316 in total. What's happening right now, the opposition leaders then asked him to resign. He's refused to do that. He's currently in a meeting with the president Napolitano at his residence.

The National Post explained before Tuesday’s vote-- the opposition party wanted the budget plan to pass-- but also wanted to expose Berlusconi’s weak support.

“This means the measure will likely pass but Berlusconi could be exposed to a humiliatingly low vote that would ratchet up the pressure to topple him.”

Which is exactly what happened. Add to that-- hours before the vote-- one of Berlusconi’s closest allies publicly asked him to step aside for the sake of the country. Here’s euronews.

“...the call to leave by Northern League leader Umberto Bossi could be the final push that sees Berlusconi go from power. Bossi had suggested the Prime Minister be replaced by former Justice Minister Angelino Alfano. ”

However, there is already a sense of urgency in the search for Berlusconi’s successor. Bloomberg says even though the Prime Minister is stepping down, questions remain.

“There is a lot of uncertainty about Italy's future, even with Berlusconi agreeing to step down. Of course we continue to look at Italian bond yields.  That action is winding down. But clearly moving down to seven percent.  Investors are growing more worried about the region. There are a lot of question that we do not have answers to, even though there is going to be a change in leadership.”