Italy's prime minister Silvio Berlusconi told his country yesterday he will be leaving office. The news came after Berlusconi won yet another vote in parliament. But with so many abstentions, it was clear his majority was gone. We also examine the financial concerns in Italy that finally brought him down. And the effect Italy's bottom-line could have on the Eurozone.

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Today's guest host was Jim Brown.

Part One of The Current

Satire

It's Wednesday November 9th.

The US government denies it has any contact with life from outer space.

Currently, it did, once. But, you know, with Gadaffi dead and all...

This is the Current.

Berlusconi & Italy's deteriorating economy - Eric Reguly

The conflicts of interest didn't get him, his alleged links to organized crime didn't bring him down, nor was he particularly damaged by the sex scandals. In the end, the markets pulled Silvio Berlusconi from power. And now Italians sail into uncharted waters. The man who has run Italy for most of the last decade is stepping down.

After a routine budget vote, it became clear that Berlusconi had lost his majority in Parliament. He's survived more than 50 confidence votes, but this time the economy had deteriorated too severely. Some observers think Italy's woes are a bigger threat to the Eurozone than Greece.

Eric Reguly is covering the events as they unfold. He's the Globe and Mail's European Business Correspondent and he was in Rome.

Berlusconi & Italy's deteriorating economy

An astonishing parade of political types have claimed leadership of Italy. Silvio Berlusconi may seem outrageous compared to many western leaders, but Italians have endured caesars and soldiers and princes and popes.

Alexander Stille has chronicled Berlusconi's time in office and the effect he's had on Italy. Stille is a professor of international journalism at Columbia University. He's also the author of The Sack of Rome: How a Beautiful European Country with a Fabled History and a Storied Culture Was Taken Over by a Man Named Silvio Berlusconi. Alexander Stille was in New York City.

Related Links:

• Berlusconi to resign after parliament OKs reforms - Associated Press
• Debt crisis shakes up Europe: Greece to get new PM, Italy's By: Derek Gatopoulos, Victor Simpson - The Associated Press
• Berlusconi's majority evaporates amid calls for resignation to
  calm markets By: Colleen Barry, Frances D'Emilio - Associated Press
• EU seeks to prevent Greek contagion of Italy By: Peter Spiegel - Financial Times
• Timeline: Silvio Berlusconi's political career - BBC
  

Other segments from today's show:

• Tough on crime bill, tough on budgets
• Access to abortions in PEI