Italy’s Berlusconi Vows to Resign

Italian Prime Minister Silvio Berlusconi has confirmed he intends to resign after key economic reforms have been approved.

His announcement follows a vote in parliament on the budget in which he appeared to lose his majority.

Both allies and opponents have been urging Berlusconi to step down as Italy’s debt crisis grows.

Borrowing rates have shot up in recent days, raising concerns over whether Italy can service its debts.