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Berlusconi will resign

Discussion in 'International Forum' started by Belo, Nov 8, 2011.

  1. Belo

    Belo JF-Expert Member

    Nov 8, 2011
    Joined: Jun 11, 2007
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    Berlusconi will resign, says Italian president


    By Barry Moody and James Mackenzie
    ROME | Tue Nov 8, 2011 2:32pm EST

    (Reuters) - Italian Prime Minister Silvio Berlusconi will resign following a humiliating vote in parliament on Tuesday, President Giorgio Napolitano said.
    The president said after meeting Berlusconi that the 75-year-old prime minister would step down as soon as parliament passed urgent reforms demanded by euro zone leaders to cut Italy's huge debt and boost stagnant growth.
    The votes in both houses of parliament are likely this month.
    The head of state said in a statement that following Berlusconi's resignation he would hold consultations on the formation of a new government.
    Berlusconi had "demonstrated to the head of state his understanding of the implications of today's vote in the chamber of deputies," the statement said.
    Berlusconi's government won a key budget vote after the opposition abstained on Tuesday but obtained only 308 votes compared with an absolute majority in the lower house of 316 votes.
    Pier Luigi Bersani, leader of the main opposition Democratic Party, saidItaly ran a real risk of losing access to financial markets after political uncertainty pushed yields on government bonds toward a red line of 7 percent.
    "I ask you, Mr Prime Minister, with all my strength, to finally take account of the situation ... and resign," Bersani said immediately after the vote.
    Italy, considered too big to bail out, has replaced Greece at the epicenter of the euro zone sovereign debt crisis, with yields on government bonds close to unsustainable levels.
    Berlusconi, a flamboyant media magnate, has been on the ropes for weeks, beset by a string of sex and legal scandals, political defeats and most crucially a loss of confidence on international markets.
    But Berlusconi, who has dominated Italian politics for 17 years, had steadfastly refused to step down until Tuesday's vote.
    The news that Berlusconi had finally agreed to resign came after European markets closed but had an immediate positive impact on markets in the United States. The euro jumped against the dollar and U.S. stocks edged up.
    Earlier, Berlusconi's key coalition ally Umberto Bossi, head of the devolutionist Northern League, said Berlusconi should be replaced by Angelino Alfano, secretary of the premier's PDL party.
    "We asked the prime minister to stand down," Bossi told reporters outside parliament.
    Berlusconi was defiant before Tuesday afternoon's vote on a public finance measure, rejecting calls from all sides to step down and trying to win back a large group of rebels in the PDL. The vote showed he had failed to stem the revolt.
    Bossi's action and the parliamentary vote tipped the balance against him as red lights flashed on bond markets about Italy's instability.
    The League, and many members of the PDL, were believed to have wanted Berlusconi to make way for a new center-right government to tackle the grave economic crisis and restore the confidence of markets without handing power to a transitional administration.
    The center-left opposition said they abstained to lay bare the weakness of Berlusconi's support, while allowing the passage of a bill that is vital for government funding.
    Interest rates on Italy's debt have soared to levels that are causing deep concern about the survival of the euro zone if its third largest economy cannot service its debts.
    Yields on Italy's 10-year benchmark bonds rose to 6.74 percent on Tuesday before dropping back. Analysts said Italy was reaching the point at which Portugal, Greece and Ireland had been forced to seek a bailout.
    Finnish Prime Minister Jyrki Katainen said Italy was just too big to bail out. "It is difficult to see that we in Europe would have resources to take a country of the size of Italy into the bailout program," he told parliament in Helsinki.
    As the spread between Italian and German bonds -- a reflection of the extra risk of holding Italian bonds -- approached 5 percent, Italian employers' association leader Emma Marcegaglia said: "We can't go on like this for long."
    Analysts say current interest rates, if maintained, would cancel out the budget savings planned as part of a painful austerity program.
    Berlusconi is believed to have wanted to carry on until Christmas so that Italy would then go to early elections in 2012
    Even when Berlusconi goes, there is no guarantee that reforms to cut massive debt and boost growth will be quickly implemented and relief on markets may not last long.
    There is no agreement among political parties on either a national unity or technocratic government and Napolitano's consultations may be difficult.
    Berlusconi and his closest allies say appointment of a government of technocrats -- the option favored by markets and it is thought Napolitano -- would be an undemocratic "coup" that ignored the 2008 election result that brought the center right to power.
    Berlusconi has always insisted that the only alternative to him is to hold elections, a year ahead of schedule
  2. Belo

    Belo JF-Expert Member

    Nov 8, 2011
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    Mzee wa vimwana amepatikana
  3. ubun2

    ubun2 Senior Member

    Nov 9, 2011
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    Sign of the times, another one, who vowed never to resign, bites the dust.
    In Tanzania, the AG continues an UNCONSTITUTIONAL bogus case, the most expensive legal suit in Dar's history which is a special project of few TZ officials and their elite friends. An ongoing daylite robbery at the central bank, which is THEIR cashcow. LOOTING of Tanzania taxpayers money continues. AND no one cares to stop it! (This is a 20 year and counting robbery, fullspeed ON like an UNSTOPPABLE train.)
    The reason for this reply is to let the Tanzania people know that the amount of money being looted today is NOT a small amount.
    These publicly elected officials are there occupying their chairs because of you. However, instead of working for you, they are working for their own self-interest and of their friends. ANd they pursue their selfinterest by looting from you.
    THEY don't care that there is no medicine available, no medical staff available, no adequate equipment available, no beds available in hospitals, they don't care that there are no desks available, no teaching staff available, no books available, no roads maintained, they seriously do not care for all that.
    THEY don't care that they are responsible for subverting the JUDGEMENT from the Highest court of the land, to continue their bogus case so that money flows into their pockets. Flagrant disregard and Abuse of rule of law, abuse of human rights, abuse of the courts, they broke the law of their own country, so that their UNCONSTITUTIONAL BOGUS CASE, their special project can continue.
    ALL they are obsessed with is their unconstitutional bogus case and the money that flows into their pockets.
  4. Kibanga Ampiga Mkoloni

    Kibanga Ampiga Mkoloni JF-Expert Member

    Nov 9, 2011
    Joined: Aug 9, 2007
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    Atarudi tu huyu, Hakuna mwingine anayeiweza hii nchi for the past 10+ years ni yeye tu!
  5. Masikini_Jeuri

    Masikini_Jeuri JF-Expert Member

    Nov 9, 2011
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    Finally they have tiger by it tail!