The ongoing political crisis in Italy continues. The Italian Prime Minister Silvio Berlusconi bowed to pressure. After Berlusconi government secured just 308 votes on a routine budget vote, he lost his majority in parliament. The vote still cleared, but was short of the 316 majority needed. Berlusconi has agreed to step down from his post after parliament passes country's economic reforms demanded by the European Union.
Larry Kantor of Barclays Capital feels this is a small positive step as Berlusconi has been in power for a long time and has not been able to deliver on reforms necessary so far.
He further said that the odds of getting through some of these reforms have gone up, but a lot needs to be done besides these reforms. Italy
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