Italy's Berlusconi set to make way for Monti

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Italy's Berlusconi set to make way for Monti

Italy's Berlusconi set to make way for Monti
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Italian Prime Minister Silvio Berlusconi is expected to resign on Saturday and make way for an emergency government.

The 75-year-old premier promised he would go if parliament passed new austerity measures aimed at soothing market concerns over Italy’s finances.

The lower house is set to back the package following Friday’s approval from the Senate.

Maurizio Gasparri, an MP from Berlusconi’s centre-right People of Liberty party, said the group is undecided whether to push for elections or support a new government.

“The solutions will be evaluated at the highest political levels of government,” he said.

But Pier Ferdinando Casini, a legislator from the Union of the Centre party, argues there is no time to waste and this is a “moment of truth” for Italy.

He says a government led by former European Commissioner Mario Monti would be the right choice.

Monti was appointed as a senator for life by the Italian president on Wednesday.

The 68-year-old is seen by European leaders as the best candidate to restore investor confidence in the Italian economy.

Monti is an economics professor at Milan’s Bocconi University, where he was once a student.