Italian Prime Minister confirms his resignation

Italian Prime Minister confirms his resignation
Wednesday, November 9, 2011 - 9:56am

Italian Prime Minister Silvio Berlusconi has confirmed he will resign after implementing economic reforms demanded by the European Union. Berlusconi told a TV program by telephone wednesday he would resign as soon as the reforms were approved. Berlusconi announced he would resign tuesday after failing to secure a majority in a vote in the lower house of parliament.

Italy's borrowing costs have soared to record highs, and stocks in New York rallied on the prospect for political change in Italy. It could be weeks before Berlusconi leaves office. Votes on the economic reforms in both houses of the Italian parliament are likely this month.

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