Silvio Berlusconi, Italy Debt | featured news

Italian Premier Silvio Berlusconi resigned today after parliament's lower chamber passed European-demanded reforms, ending a 17-year political era and setting in motion a transition aimed at bringing the country back from the brink of economic crisis.

Italy's Senate approved economic reforms intended to reverse a collapse of market confidence on Friday, kicking off a rapid transition that will end the era of Silvio Berlusconi and clear the way for an emergency government within days.

Prime Minister Silvio Berlusconi tried on Tuesday to calm fears that Italy could be swept into a full-scale financial crisis and the opposition pledged to smooth the passage through parliament of tough debt-cutting measures.