Happy Italians Say 'Bye' to Silvio as Parliament Passes Austerity

Italian Prime Minister Silvio Berlusconi speaks during a session of the Italian Parliament, to adopt measures he promised to the European Union in Rome, Italy, 12 November 2011. EPA/BGNES

The lower chamber of the Italian Parliament has passed a crucial austerity package, paving the way for an imminent resignation of PM Silvio Berlusconi.

Friday the Senate had adopted the measures, which the embattled Italian PM set as preconditions for his stepping down.

Meanwhile, crowds of Italians are reported by the BBC to be changing "Resignation!" and "Bye, bye, Silvio!" in front of the house of parliament.

Tuesday Berlusconi lost parliamentary majority, when only 308 out of 640 MPs backed the national budget balance for 2010.

The Italian government has attracted sharp criticism both domestically and from EU leaders over its capacity to manage the country's finance.

Eurozone members fear that a financial crisis is possible in Greece that could parallel on a much larger scale what happened in Greece.

Later Saturday Berlusconi is expected to call a final meeting of his cabinet.

He is also expected to hold a working lunch with his nominee for successor, most likely ex-EU commissioner Mario Monti.

Before the end of Saturday the longtime Italian PM is expected to hand his resignation to Italian President Giorgio Napolitano.

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