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FBN's Ashley Webster in Rome with news that Italy's Berlusconi will step down after the 2012 budget is approved.
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OK now we've got more now on the breaking news on the Italian prime minister Silvio Berlusconi says he will step down wants the 2012 budget.
Vote has been approved are actually Webster is -- to Rome right now with the latest actually.
Yeah and Charles -- statement coming this evening just the manner of minutes ago from the are residents of the Italian president -- -- those saying that that's his mrs.
Silvio Berlusconi's intention now question is for how Long Will that take.
Speculation they could be two weeks three weeks maybe up to a month before those measures those ones -- outlined.
By the EU that Italy needs to get in place is actually enacted so maybe mr.
Berlusconi.
Buying himself some extra time so for now he remains the prime minister the big question is.
If he doesn't when he does resigned -- will take his place.
Well -- names and us circulating one of those Mario Monti he's the former EU competition commissioner who could be one of the front runners.
Another politician by the name of -- not associate funny -- speaker of the Italian senate.
He would be out almost the number two man right now in the government he also could throw his hat in the ring.
And then there's -- -- you know -- fatally he's been getting a lot of media attention to he's the Justice Minister.
Here in Italy the youngest ever and Italian history modern Italian history at just 41 years old but of course that's a little premature.
For now as we know minister Berlusconi says he will resign -- -- the approval of that 2012 budget.
And that's a very key budget because it's one that the EU well lead as the Euro zone leaders would like to see in place in order to feel -- out.
About term -- -- getting a handle on its finances but the question is what about the markets he we -- could be another 23 full weeks of political.
Maneuvering before we know which direction it's -- or leadership is heading.
I'm not sure always -- gonna do a whole lot for the markets as far as having some sort of certainty I don't think so those bond yields -- as you know the ten year.
Up to six point 8% that is extremely high for a country that has slowed.
Handcuffed by high public debt more than a while about two point six trillion dollars.
They have a lot of money coming due and is spending a pretty penny to borrow in the markets and they have to see that tell yield go down.
Otherwise they may be forced to go to the eurozone bail -- the question is is that bail -- fund big enough.
For a country like Italy probably not -- Be careful what you ask for thank you very much -- -- appreciate it and get some sleep.
You have it and not like that -- with chiffon.
