Is Berlusconi simply buying time?
Thu Nov 10, 2011 5:9AM
Max Civili, Press TV, Rome
On Tuesday, the Italian political arena was shaken up by Prime Minister Berlusconi's announcement that he will resign in a short time.
Before the announcement, the lower house approved the 2010 budget with 308 votes while 321 MPs did not vote. Opposition MPs were present but none voted with non-voters being the majority.
On Tuesday night, the Presidential office said that Berlusconi will resign after the economic stability law is passed by the Parliament. This bill is expected to be put to parliament next week and it may take a few weeks before the bill gets the parliamentary go ahead.
Berlusconi's offer to resign has to be taken with a pinch of salt. In the past, on more than one occasion Berlusconi has proved himself to be a man of unlimited resources.
Delayed resignation is highly unusual in Italy. Some skeptical political analysts suggested Berlusconi might be playing for time in order to re-organize his party in view of early elections next February, when he could be once again running as candidate.
Italian bond yields reached a new record on Wednesday rising to 6.9%, with the spread against the benchmark German bond touching 513 points, an historic high since the introduction of the euro in 1999.
Eropean Union inspectors are in Rome for a monitoring mission aimed at ensuring economic reforms are carried out as part of an agreement reached at a G20 summit last week. Most of the reforms are incorporated in the economic stability law to be voted on by parliament in the coming days.
Italy must hurry up and finally enter a new productive phase of its history.