On Wednesday, the outgoing Prime Miniter of Italy, Silvio Berlusconi, pushed for early elections in 2012 . The Italian Premier claimed that he is not going to contest in the next election. But the longest-serving Italian Prime Minister named Angelino Alfano, as the head of People of Freedom party and likely candidate for the Prime ministerial’s post.
In the mean time, the fear of Italy’s debt crisis worsened on Tuesday as its financial market reacted adversely to the news. Its 10-year government bonds hit a shocking 6.95 percent, a jump of another 0.37 percent from Tuesday’s high. Experts have estimated that over the next few years, Italy would need 825 billion to 907 billion Euros in capital flow to tide through the debt crisis.
Silvio Berlusconi offered to vacate his chair on Tuesday after losing overall majority in Parliament. The announcement came after Berlusconi’s centre-right coalition managed 308 votes out of 316 votes, 8 votes short from absolute majority. The 70-year-old dominant Italian figure would, however, stay until budget reforms are passed by the Italian Parliament. As of yet, no date has been confirmed regarding vote on budget, but it is likely to be later this month.
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