Prime Minister Silvio Berlusconi's promise to step down comes after his failure to muster support in a budget vote. But it's unclear whether his departure would be enough to stem Italy's debt crisis.
His promise to resign came after a humiliating failure to muster enough votes in a mostly symbolic budget vote, making it clear he had lost the parliamentary majority needed to govern. Even so, Berlusconi said he would not leave until lawmakers passed an unpopular economic reform bill catering to European partners who have demanded deep spending cuts in return for help in financing Italy's $2.6-trillion debt.
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