(Image source : Flickr/vas vas)
BY CAMILLE MAESTRACCI
ANCHOR JIM FLINK
Il Cavaliere finally drops his reins! Italian Prime Minister Silvio Berlusconi agreed to step down as Italy’s economy continues to plummet.
Mr. Berlusconi says he will leave office once the Italian parliament passes a crucial package of economic reforms. So, what exactly happens next? PBS reports.
-We are trying to have the budget law approved by Sunday, or Monday at the latest -So then Berlusconi will resign, and do you think that will be the end of the crisis ? -That will be the end of the Berlusconi part of the crisis, then we need to either try to form another government with the large majority in parliament or very quickly to have elections.
Some analysts Italy is likely to form a national unity government lead by a man people call “Super Mario”. Euronews tells more.
Former European Commissioner Mario Monti has won growing support to succeed Prime Minister Silvio Berlusconi. The respected economist is known as a tough negotiator with connections to top European policy makers. He is seen by many as the most likely head of a caretaker government of Technocrats, which could pass vital reforms. Both the current ruling party the PDL and President Napolitano back the appointment.
And for Italians -- the faster change comes, the better. Italy’s debt is worth 2.6 trillion dollars and continues to grow -- as markets continue pressuring the country with borrowing rates reaching 7%.
Renowned economist Nouriel Roubini tweeted “markets are telling Berlusconi to leave NOW. They dont buy his scheme of pretending to leave in 2 weeks after budget is passed”
According to Fortune magazine, Berlusconi's departure will not be enough to put Italy back on its feet.
“An ensuing power vacuum and a technocrat-run interim government certainly isn't the best choice for Italy at such a critical juncture in the nation's economic history, it probably won't spell disaster either. Nor will the ousting of Berlusconi be the answer to Italy's troubles”
Italy’s future remains uncertain, but what about Berlusconi’s ? Thomas Hartmann from RT News wonders what will become of the Cavaliere...
So what's next for the billionaire media mogul - who has a thirst for younger women? Will he A)take over Herman Cain’s old job as president of the national restaurant association, B) go back to being a cruiseship lounge singer - yes that’s how he did start out - or C) become a consultant for Victoria’s secret ? What do you think ?
