Italian Pm Silvio Berlusconi Quits Power

Italian PM Silvio Berlusconi quits power

ROME: Italian Prime Minister Silvio Berlusconi quit power on Saturday to loud cheering from a crowd of thousands in Rome after a wave of market panic that has shaken the eurozone brought his rule to an end.

Berlusconi formally submitted his resignation to President Giorgio Napolitano, who announced he will now hold consultations on the formation of a new transition government as Italy rushes to fill the political vacuum.

"I am deeply embittered," 75-year-old Berlusconi, who has been in power for 10 of the past 17 years, told reporters after his waving following his last cabinet meeting was greeted by shouts of "Buffoon!" and "Go Home!"

The billionaire tycoon resigned following parliamentary approval of a package of economic reforms that he had promised the European Union.

"We hope today marks the beginning of a new spring in Italy," Massimo Donadi, a lawmaker from the opposition Italy of Values party.

Dario Franceschini of the main opposition Democratic Party said: "Today the curtain falls on a long and painful phase of Italian political history.

Continued here: http://www.channelnewsasia.com/stories/afp_world/view/1165063/1/.html

-channelnewsasia.com- 2011-11-13

[newsfooter][/newsfooter]