Berlusconi lost parliament majority in a vote on Tuesday

Italian Prime Minister Silvio Berlusconi lost governing majority in a key vote on Tuesday, fueling calls for him to step down as the country risks to lose access to financial markets after yields on government bonds rose above 6 percent.

"Berlusconi's defeat or resignation is the starting point for Italy to move forward," said Sarah Hewin, senior economist at Standard Chartered Bank in London. "So long as Berlusconi is in power, there will be no confidence that the government will be able to push through reform."