© Dukascopy
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- Silvio Berlusconi, Italian Prime Minister
Italian Prime Minister Silvio Berlusconi vowed to resign after Parliament agrees to pass austerity measures, as yields on government bonds rose to record highs, fueling worries the country may lose access to financial markets.
Mr. Berlusconi explained his resignation as a way to calm international investors. "The markets don't believe Italy is able to approve measures that Europe has asked of us," the premier said in a broadcasted phone call to an Italian evening newscast. "We have to show markets that we're serious."
"Whoever is in charge, the numbers remain the same and this morning they are even worse," said Simon Smith, chief economist at foreign-exchange broker FXPro Group Ltd. "This Roman road is currently leading to a cliff. Events have moved far faster than the laboured political process of the EU can deal with."