As Crises Mount, Berlusconi Declines to Resign

Bond yields surge, confidence votes loom, protestors hit the streets, and Berlusconi just smiles.

After sleeping his way through G20 meetings on how to save his country, Italian Prime Minister Silvio Berlusconi is denying reports out today that he would resign as Italy's economy teeters. News reports from this morning has suggested that Berlusconi's resignation was imminent as street protests against his "leadership" rocked Rome this weekend. Bank yields on Italian bonds have jumped to their highest level in nearly 15 years, casting concern over whether Italy would default on paying back its debt, which is larger than the country's GDP. When added to a slew of personal crises for the prime minister, not the least of which are allegations that he paid a 17-year-old exotic dancer for sex, the mounting concerns have forced members of Berlusconi's PDL party to push their leader to step down. But it looks like Papa Silvio ain't havin' none of it, as he said today that he has no intention of stepping down. Oh well. A confidence vote on austerity measures scheduled for Nov. 18 ought to do the trick.