Italian prime minister Silvio Berlusconi will resign once the parliament approves a 2012 budget bill, Berlusconi told the country’s head of state, according to a statement that was just released.
It is probably more stunning that Berlusconi has hung on as prime minister as long as he has, what with the outrageous scandals under his administration.
Head of state Giorgio Napolitano will speak to the political parties to determine what the country’s future government will look like. Of course, the situation in Italy could dwarf problems in Greece, and it’s unclear that a new government will fare any better than the old one.
“With $2.2 trillion in sovereign debt outstanding, European officials have not yet prepared the European Financial Stability Facility for a default by Italy,” writes Mark Luschini of Janney Montgomery Scott. “While we do not forecast that to occur, it highlights the potential tail risks that investors are facing and the reason for high market volatility.”
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