Italy nearing political uncertainty and financial default

Italy nearing political uncertainty and financial default

POSTED: Tuesday, November 8, 2011 - 10:16am

UPDATED: Tuesday, November 8, 2011 - 10:17am

Italians woke up to political uncertainty tuesday. The country's embattled Prime Minister Silvio Berlusconi continues to deny rumors that he is stepping down, meanwhile Italy's parliament is scheduled to take up a vote of confidence on the Prime Minister. The uncertainty comes as the country is nearing financial meltdown.

Berlusconi's government is under pressure to enact quick reforms to protect Italy from defaulting on its debt and critics say he isn't working fast enough. Italy's borrowing rates have spiked to their highest level since the Euro was established in 1999.

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