Italy's president appointed former European Commissioner Mario Monti on Sunday to head a new government charged with implementing urgent reforms to end a crisis that has endangered the whole euro zone.
Italian Prime Minister Silvio Berlusconi handed in his resignation to President Giorgio Napolitano on Saturday, according to a statement issued by Italian President Palace.
Silvio Berlusconi was born in Milan in 1936. He was raised there in a middle-class family. He is the current Prime Minister of Italy, since 8 May 2008, who has also served previous terms, from 1994 to 1995 and from 2001 to 2006 . A conservative Italian politician, prior to his entry in politics, Berlusconi was well-known as a wealthy business-owner.
Italy has been deeply indebted for years, and its woes have generated a burst of investor panic in recent days amid concerns of political infighting in Rome over budget cuts. The nation’s borrowing costs have skyrocketed to dangerous levels.
On Monday, initial signs of Italy being swept up in the crisis contributed to the biggest global stock sell-off since March.