Italian PM Monti Resigns

Economist and technocrat Mario Monti was appointed to lead an expert Italian cabinet in Novemer 2011. Photo by EPA/BGNES

Italian Prime Minister Mario Monti has resigned, paving the way for elections in February.

He handed in his resignation to President Giorgio Napolitano on Friday after passage of the 2013 budget.

"The government has now terminated its role, but not because of the Mayan prophecy," Monti has joked, as cited by The Telegraph.

Monti's resignation came after parliamentary representatives of former Italian PM Silvio Berlusconi's People of Freedom party made it clear that they no longer will support the cabinet.

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