Mian Shakeel Aslam.......Italian Silvio Berlusconi, will retire "within days", the country's president, said. Napolitano said he wanted to "dispel any doubt or misunderstanding" in which the Prime Minister will keep his promise to resign. He also said there would be no delay in the adoption of economic reforms demanded by the partners in Italy, the euro area. His comments came after the country's financial crisis worsened with the increase in bond yields 7%. This rate is widely regarded as unsustainable. Berlusconi announced his decision to resign Tuesday after appearing to lose its parliamentary majority in a vote on the budget and mid growing concern that Italy could be the next victim of the debt crisis in the euro area.Berlusconi calendar: Born September 29, 1936
1973: Lance local cable television Telemilano equipment, precursor of the empire Mediaset
1993: He founded the political party Forza Italia
Prime Minister from 1994 to 1995, 2001-06 and since 2008
May 2009: second wife, Veronica Lario files for divorce after being publicly accused of siding with minors
December 2009: Assaulted in public after rally in Milan
In pictures: Berlusconi in politics
Profile: Silvio Berlusconi
Profiles: the possible successors to Berlusconi
British documents on the legacy of Berlusconi
Relief and concern in the Italian press
Mr. Napolitano stated that the financial stability law incorporates the reforms would be approved within days, after which they consult to end the crisis. "In short, if a new government was formed ... or dissolve Parliament to immediately begin a campaign," said Napolitano, according to Reuters. He said that Italy would not take "an extended period of inactivity and parliamentary politics." Italian media quoted sources as saying that the final approval of the reform could come as early as Saturday, AFP reported. The president also proposed to the former European Commissioner, Mario Monti, as a senator for life. The movement has led some to speculate he was preparing the way for his eventual appointment of Mr. Monti as Prime Minister. BBC Europe editor Gavin Hewitt, in Rome, made it clear that the political difficulties ahead. And even if the current crisis Ebbs, fundamental problems remain - a country of sluggish growth and a mountain of debt 1.9tn euros (£ 1.63tn, $ 2.6tn), our correspondent. Earlier, Berlusconi said: "I will resign as soon as the legislation is passed ... I see the elections to be held in early February, and I will not hold for them." The yield on the benchmark 10-year Italian bonds last rose 7% despite the statement by Mr. Berlusconi, who has raised concerns about whether Italy can not pay their debts. This is the highest rate since the euro was established in 1999. In comparison, the cost of Germany's 10-year loans is 1.73%. Meanwhile, an EU team was in Rome on Wednesday to begin monitoring how Italy plans to reduce its growing debt. Economic Affairs, Olli Rehn said he presented the results at the end of November in Italy called the situation "very worrying".
Posted By: Mian Shakeel Aslam
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