Berlusconi to resign

Italian Prime Minister Silvio Berlusconi has promised to resign after parliament approves economic reforms demanded by the European Union

Italy‘s president issued a statement saying the media tycoon would step down to save Italy from becoming consumed by Europe‘s debt crisis.

It comes after Mr Berlusconi won a crucial budget vote in the lower house but lost his overall majority in the process.

He only managed to pick up 308 votes – eight short of a majority.

The unexpected result added to the mounting pressure on the 75-year-old premier to quit.

His proposed austerity measures had already been passed by the upper house.

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