Arab Today, arab today berlusconi vows to quit
Last Updated : GMT 22:03:31
Arab Today, arab today
Arab Today, arab today

Italian bond yields at 7.4%

Berlusconi vows to quit

Arab Today, arab today

Arab Today, arab today Berlusconi vows to quit

Silvio Berlusconi
Roma- Arabstoday

Silvio Berlusconi Italy was plunged into political and economic turmoil Wednesday with borrowing rates hitting \"dangerous\" levels after Prime Minister Silvio Berlusconi said he would resign and not run for office again .
Ten-year bond yields broke through the 7.0-percent threshold seen as unsustainable for refinancing of Italy\'s massive debt of 1.9 trillion euros ($2.6 trillion) as the head of state warned that the country\'s very credibility was at stake.
\"I won\'t run for office,\" Berlusconi told La Stampa a day after announcing he will step down once a key economic reform law is adopted in parliament, effectively announcing the end of a political career spanning two decades.
\"As soon as the reforms are approved I will resign... the procedure will be complete by the end of the month,\" the 75-year-old billionaire tycoon said.  
Italian President Giorgio Napolitano, who will lead efforts to form a new government or call early elections after Berlusconi\'s resignation, voiced concern about the situation in the eurozone\'s third largest economy.
\"We have to regain credibility and trust as a country. Above all today we have to get out of a very dangerous crunch on our bonds,\" he said.
 \"There needs to be new behaviour by political forces... A lot of closures and old taboos need to fall to get out of the critical and alarming situation we are in,\" he said in apparent reference to a possible unity government.
Italian stocks initially opened higher but later plunged by more than 3.0 percent, reflecting investor fears over the political uncertainty following a parliamentary revolt that precipitated Berlusconi\'s resignation announcement.
Shares in Berlusconi\'s Mediaset business empire, which were briefly suspended, dragged down the market and were down around 10 percent. Mediaset owns Italy\'s three main private television stations.
Investors have voiced fears that Italy could be the next victim of the debt crisis gripping Europe in the wake of Greece, Ireland and Portugal which have been forced to seek bailouts.
Among the options post-Berlusconi are an expansion of the current centre-right coalition, the formation of a national unity government or, failing other options, the dissolution of parliament and early elections.
\"Seeing as there isn\'t another possible majority, I see elections for the beginning of February, but I won\'t be running,\" Berlusconi said.
\"Now is Alfano\'s moment. He will be our candidate for premier,\" he said, referring to Angelino Alfano, a former justice minister who heads up Berlusconi\'s ruling People of Freedom (PDL) party.
Other possible candidates to replace Berlusconi identified by the press in recent days are former EU commissioner Mario Monti, former prime minister Giuliano Amato and Berlusconi cabinet secretary Gianni Letta.
Top-selling Italian daily Corriere della Sera said Berlusconi\'s \"slow-motion\" demise \"could introduce a degree of temporary ambiguity that would be destructive for a country exposed to months of financial speculation.\"
Il Messaggero said: \"He should have resigned immediately.\"
 A Senate committee meanwhile met on Wednesday to discuss the proposed reform package to boost Italy\'s virtually stagnant growth rate, contained in a law with measures to boost competition in the labour market and encourage hiring.
The talks in parliament should also help lay out a timetable for expected final approval of the measures and therefore for Berlusconi\'s exit, with the centre-left opposition now calling for rapid adoption of the budget law.
Under the current timetable, the measures should be approved by the upper house next week and by the lower house before the end of the month.  
European Union and European Central Bank officials also arrived in Rome for technical meetings as part of a special EU-IMF surveillance mechanism that Berlusconi agreed to under pressure at the G20 summit in France last week.
They are set to compile a report for the European Commission this month.
Berlusconi had promised his fellow eurozone leaders that he would overhaul Italy\'s pensions system and accelerate sales of state assets, but the reforms have stalled to the intense frustration of Germany and others.
The larger-than-life premier is currently a defendant in three trials for bribery, tax fraud, abuse of power and paying for sex with a 17-year-old girl.
Asked what he would do in the future in the La Stampa interview, he said he could \"help out in election campaigns, something I\'ve always been good at.\"
Or he added: \"Maybe I will go back to being president of AC Milan.\"

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today berlusconi vows to quit Arab Today, arab today berlusconi vows to quit

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets

GMT 19:15 2017 Tuesday ,21 March

EFB ranks first in world food banks

GMT 14:47 2017 Tuesday ,21 March

Minister stresses his country's aspiration

GMT 20:24 2017 Monday ,20 March

MP reveals details of British delegation's visit

GMT 16:14 2017 Saturday ,18 March

Egyptian professor calls to get rid of corruption

GMT 11:04 2017 Wednesday ,15 March

Blames the government for economic crisis

GMT 11:52 2017 Tuesday ,14 March

MP reveals the country’s debts hit $100bn
View News in Arabic - Business: أخبار الاقتصاد
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Nermein Al Fekki films “Foxes in the Valley”

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday