Italy's Berlusconi to Resign

He's supposedly gone after a budget vote for 2012 is approved. Earlier today, the Italian prime minister failed to muster a majority in a key vote in the lower house of Parliament, and that was pretty much that. "It is clear the government no longer has a majority," said Pier Luigi Bersani, leader of Italy's biggest opposition party, speaking after the vote. This is basically good news, but as in Greece the question is whether a new government can do any better in dealing with the same mountain of debt. The news, which is just breaking, doesn't seem to be having any impact on Wall Street - so far.

From the FT:

Following the vote, Pierluigi Bersani, leader of the main opposition Democratic party, urged Mr Berlusconi to resign, warning that Italy risked losing access to the financial markets. "I ask you, Mr Prime Minister, with all my strength, to finally take account of the situation . . . and resign," Mr Bersani said. Tuesday's vote came after mounting concern in bond markets pushed Italy's borrowing costs to fresh euro-era highs.