Italy's Senate OKs economic reform bill demanded by EU

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Italy's Senate OKs economic reform bill demanded by EU

The Associated Press Published Friday, November 11, 2011 8:47AM EST

Mario Monti is welcomed by other senators at the beginning of a voting session on economic reform measures demanded by the European Union, that should pave the way for Premier Silvio Berlusconi to leave office in a matter of days, at the Senate in Rome, Friday, Nov. 11, 2011. (AP / Mauro Scrobogna, Lapresse)

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ROME - Italy's Senate has approved economic reforms demanded by the European Union, paving the way for Premier Silvio Berlusconi to resign as early as this weekend and a new government to be formed.

The Senate voted 156-12 Friday to pass the budget bill, which contained the reform measures. The lower Chamber of Deputies is expected to approve the legislation by Saturday.

Berlusconi has promised to resign as soon as parliament passes the reforms.

There are mounting indications that respected economist Mario Monti will be tapped to head a transitional government to push through even more difficult reforms to pull Italy back from a Greek-style economic crisis that would threaten the existence of the entire eurozone and cause a global recession.

RELATED IMAGES

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Members of Italian Senate clap to welcome newly elected senator for life Mario Monti at the beginning of a voting session on economic reform measures demanded by the European Union, that should pave the way for Premier Silvio Berlusconi to leave office in a matter of days, at the Senate in Rome, Friday, Nov. 11, 2011.(AP / Pier Paolo Cito)
Italian Premier Silvio Berlusconi, center, checks a document at the end of a voting session in the lower chamber in Rome, Tuesday, Nov. 8, 2011. (AP / Andrew Medichini)