Silvio Berlusconi Has Resigned

Tyler Durden's picture

And so an era ends.

BBC reports:  Silvio Berlusconi has tendered his resignation as Italian prime minister.

President Giorgio Napolitano is likely to accept his offer and appoint Mario Monti, a technocrat, as his successor.

Mr Berlusconi lost his majority amid an acute debt crisis that threatens the eurozone. He promised to go once MPs had approved new austerity mesasures.

He is Italy's longest-serving post-WWII PM - having dominated political life for 17 years. His premiership has recently been marred by many scandals.

Crowds gathered outside the parliament, shouting "Resign" and "Bye bye Silvio". Later, groups outside the president's and prime minister's offices shouted abuse, calling Mr Berlusconi a "buffoon".

The outgoing prime minister said he felt "embittered" after hearing the insults.

After losing his parliamentary majority on Tuesday, Berlusconi promised to resign after austerity measures, demanded by the EU and designed to restore markets' confidence in the country's economy, were passed by both houses of parliament.

Members of the lower house voted 380-26 with two abstentions on Saturday, a day after the Senate approved the measures that have now been signed into law.

After accepting Mr Berlusconi's resignation, Mr Napolitano is expected to formally ask Mr Monti or another candidate to form a government of technocrats.

...

Once Berlusconi steps down, former European Commissioner Mario Monti is expected to be given the task of trying to form an administration to manage an escalating financial crisis.

Italy, the euro zone's third largest economy, came close to disaster this week when yields on 10-year bonds soared over 7.6 percent, the kind of level which forced Ireland, Portugal and Greece to seek an international bailout.

Berlusconi, who failed to secure a majority in a vote on Tuesday, promised to resign once parliament passed the package of economic reforms demanded by European partners to restore confidence in Italy's battered public finances.

"We are waiting for the end, we are waiting for the end of the Berlusconi era, we hope it is going to be the end," said Rome resident Angela Lanza.

Monti, named by Napolitano as a Senator for Life on Wednesday, is expected to appoint a relatively small cabinet of technocrat specialists to steer Italy through the crisis.

With the next election not due until 2013, a technocrat government could have about 18 months to pass painful economic reforms but will need to secure the backing of a majority in parliament and could fall before then.

BBC reminds that it will not be smooth sailing for Monti:

Mr Monti, a well respected economist, is exactly the sort of man that the money markets would like to see take charge at this time of crisis, our correspondent says, but there is significant opposition to him within the country.

The austerity package foresees 59.8bn euros in savings from a mixture of spending cuts and tax rises, with the aim of balancing the budget by 2014. Measures include:

  • An increase in VAT, from 20% to 21%
  • A freeze on public-sector salaries until 2014
  • The retirement age for women in the private sector will gradually rise, from 60 in 2014 until it reaches 65 in 2026, the same age as for men
  • Measures to fight tax evasion will be strengthened, including a limit of 2,500 euros on cash transactions
  • There will be a special tax on the energy sector

On Wednesday, the interest rate on 10-year Italian government bonds touched 7%, the rate at which Greece, Ireland and Portugal were forced to seek bailouts from the EU.

Indeed, Italy not known for any easy political consensus, will likely make a transition government difficult:

Even as preparations for a transition begin, signs of opposition have appeared, with Berlusconi's PDL party split between factions ready to accept a Monti government and others deeply opposed.

Berlusconi had a working lunch with Monti before the vote, suggesting the outgoing government will not try to block a quick handover, but the attitude of the center-right as a whole remains unclear.

The PDL's main coalition ally, the regional pro-devolution Northern League, has declared it will go into opposition, underlining the risk that the new government will lack the broad parliamentary support it will need to pass deep reforms.

"The convulsions in the center-right at the prospect of a government led by Mario Monti signal a danger: that a divided coalition may be tempted to unload its divisions on the country," the daily Corriere della Sera said.

The center-left Democratic party and smaller centrist parties have pledged support to Monti. Italy's main business and banking associations and some of the moderate trade unions have also called for a government of national unity.

Nonetheless, as Reuters with shows with the immediate reaction from Rome, people seem happy... if even for a few hours.

Crowds gathered at government buildings on Saturday celebrating the imminent departure of Prime Minister Silvio Berlusconi after parliament cleared the way for his resignation by approving a budget aimed at rescuing Italy from financial crisis.

Hundreds of demonstrators waving banners mocking Berlusconi flocked to the president's residence at the Quirinale Palace and shouted "clown, clown, clown" as the motorcade carrying the billionaire media entrepreneur who has been Italy's longest serving prime minister entered.

Berlusconi arrived at the palace, which was under heavy security, to formally hand his resignation to President Giorgio Napolitano and bring an end to one of the most scandal-plagued periods in recent Italian history.

An orchestra near the palace played the Hallelujah chorus from Handel's Messiah. "We are here to rejoice," one of the musicians said.

Demonstrators chanting "resign, resign, resign" also gathered outside the prime minister's office and parliament, heckling ministers as they walked between the two buildings.

Follow the developments in real time at the Corriere site:

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FLUSA.com's picture

Hasta la bye bye fuck face.........Only if Gaddafi did the same thing he would have one less sword up his ass...

vast-dom's picture

BULLISH¿

 

¿  ¿

  ¿

???

Comay Mierda's picture

he's out on the loose now... hide yo kids, hide yo wife! he gonna rape errrbody!

Taint Boil's picture

 

 

This is one man – now he is gone. Soooo everything is OK now … all the debt is gone….. New debt will replace the old debt and …. everything is OK [second time] aaah yeah riiiight….. LOOK! LOOK! Over there, there is a monster coming …..[sneak off to the left or right – or where ever]

i-dog's picture

Bingo! Replacing Bunga-Bunga with an arch-globalist (European Chairman of David Rockefeller's Trilateral Commission; senior Bilderberg Advisor and 24 times attendee at Bilderberg Conferences; president of a university that includes a 'Model United Nations' for high school students as part of its outreach program; Italian 'Senator For Life'; advisor to Goldman Sachs;....) is going to solve exactly what!?!

FFS, this is a supreme example of why democracy and its bastard spawn, the European Experiment, is a big fail.

 

PS. How does one become a 'Senator for life' in a 'democracy'? ... it sounds like the kind of job I'd like!!!

Harlequin001's picture

Ah the world will surely miss him, there aren't too many of the world's leaders willing or even capable of blaming a complete financial collapse on drug taking traders now are there.

Such a shrewd mind, when you think about it...

Not...

Harlequin001's picture

'he's out on the loose now'...' - like Tony Blair, he'll be off to JPM on a multi million dollar salary. Mission accomplished...

The Big Ching-aso's picture

 

 

Winning by fucking up!!!

trav7777's picture

shit's all coming apart anyhow, why would he want to preside over it?

Fish Gone Bad's picture

I often think things are pretty fucked up.  Then I wonder if they can actually get any MORE fucked up.  In spite of what my fairly creative self can conjure up, a little voice in the back of my mind keeps telling me that things can always get even more fucked up.  And then, BAM!, just like the little voice said, things get even more fucked up.

If you think things are fucked up now, just give it some time.  It will get worser.  The worsest is still to come.

redpill's picture

What's laughable is they think those 5 little bullet points are going to make a dent in the Italian debt problem.

jekyll island's picture

Mr Monti, a well respected economist, is exactly the sort of man that the money markets would like to see take charge at this time of crisis    

Monti is an insider picked by the banking cartel.  His job is ensure the banks are taken care of first, screwing the Italian middle class.  That's why he only needs 5 bullet points.

 

 

      

redpill's picture

It's the same play that is going on in Greece.  Get a banker-buddy in charge to put the final nail in the coffin.

jekyll island's picture

Exactly, they both have similar resumes.  Looks like the banking cartel means business.  More europeans will get screwed.  Same as it ever was. 

sabra1's picture

seems the eye-tally-onions all have an IQ of less than 100 each! laugh and cheer, they'll use sylvio as a scape goat, while getting spaghetti shoved up where the sun don't shine!

CrashisOptimistic's picture

Exactly.

Why stay?

They aren't going to fix their deficit and there will be enormous opposition to any attempts.  Italian bond yields are going up and there is nothing to stop them other than 100% German surrender to ECB printing.

There Is No Constituency For Austerity.  Ever.

 

scratch_en_sniff's picture

errr, like he had a choice? Shit has been coming apart for millennia in Europe- just because some sordid little tramp resigns everyone thinks it’s curtains, its hilarious - this is a positive…a big one. Give me a technocrat government any day, sounds good to me.

zhandax's picture

My Italian sucks.  I am still trying to decide if the graphic above translates "Berlusconi leaves; reaches out to Monti", or "Berlusconi leaves; heads for the hills".

Or has Tyler gone multi-lingual with the double entendres?

AldousHuxley's picture

Apple has a new app out  for current politicians called 'iResign'.

It is a sequel to a previous app called 'iFuckedUp'

 

US chamber of commerce has successfully lobbied the congress to ban the app in united states while allowing another app for American workers 'iGotScrewed'

paarsons's picture

I' m quite sad.

Say what you will about him.

But the man actually threw a great fuck party.

How many people can say that?

http://fucklloydblankfein.blogspot.com

I am more equal than others's picture

Lasciarlo dorme con i pesci

or

La morte e la distruzione sono presto di seguire

The Big Ching-aso's picture

 

 

Il Duce II

Gone without a coup

Wonda who'll replace him

Prolly 'nother Il Duce too.

Aguadulce's picture

I'm reading this post while taking il Duce............

FLUSA.com's picture

Gaddafi had a chance to ride off into the sunset with a ton of gold and no military conflict would have had to happen.....   http://www.metro.co.uk/news/879734-new-footage-shows-gaddafi-being-sexua...

MassDecep's picture

Mario Monti

Educated Yale (Keynesian)

Professor Turin Bocconi (25 yrs)

Technocrat EC since 1994

Member Tri Lateral Commission, European Chair, Bilderberger Steering Committee

Nothing like a Great replacement!!!! This world is sooooo Controlled!!!

mfoste1's picture

you are not well informed

philipat's picture

Mr Belusconi said through a spokesperson "After very careful consideration, I have decided to spend more time on my Bunga Bunga activities and enjoy my billions, especially now that I have been able to stack the system in favor of my media empire's virtual monopoly". He added "Who needs more of this shit".

Fíréan's picture

IS THERE MORE THAN ONE VERSION OF THIS WEBSITE ?

HOW COME I GET ONLY THE EURO VERSION DAILY  ! ! ! ! !

 

OR DOES FUCKALL HAPPEN ON THE OTHER SIDE OF THE OCEAN WORTH THE ATTENTION OF THIS TURDON CROWD

kito's picture

yeah, its berlusconi that was the problem. sure. as is often stated here....good luck with that.....

CH1's picture

Nope, he wasn't THE problem, but he sure is a twisted son of a bitch.

Bye, bye, bunga man.

kito's picture

maybe he was a son of a bitch, but he sure wasnt merkozys bitch. 

Tsunami Wave's picture

There goes one of the more honest heads of state in the EU.. still corrupt and feckless though

kito's picture

precisely. if im from italy id rather have a corrupt and feckless italian leader, not a take it in the ass from merkozy, corrupt and feckless euro leader....

AldousHuxley's picture

Italia is nothing without the roman empire.

 

Same with Portugal, Spain, France.....

 

Europe ain't shit without her slaves and old ruins from glory imperialism days for Asian and Arab tourists.

 

UK holding on with her ownership of Canada, Australia, etc.....

 

American is practicing a new form of colonialism which imports slaves from Mexico while maintaining manufacturing in China.

 

 

knukles's picture

Watchu mean derez Puerto Rico.

(and them other 7 states that O visited)

CH1's picture

You realize, of course, that identification with a leader is highly barbaric. Right?

bob_dabolina's picture

And he will be replaced by another corrupt sycophant with megalomania.

...the world turns

tradeonfire.blogspot.com

GeneMarchbanks's picture

The best they could do for Monti was 'technocrat'?

The young Italians love techno.

AldousHuxley's picture

Monti is...

 

Gief Gold Plox's picture

Thing is, the masses are so happy bunga bunga is finally out that Monti will have a few months of fucking them over before people start noticing again. Once the focus is shifted to him, just rinse, repeat.

There... democratic government model definition at it's best.

jekyll island's picture

After he secretly transfers the wealth to the banks right in front of everyone is he going to be called Three card Monti?