BERLUSCONI'S LAST ACT.

EUROPEAN Union ; INTERNATIONAL Monetary Fund 069275188 ; ITALY. Parlamento

The article focuses on the threat posed by Italy defaulting on its public debts. It comments on the role that Italian prime minister Silvio Berlusconi's administration played in the loss of confidence by financial markets on Italy's ability to repay its debts and pass reforms. It mentions that Berlusconi has promised to resign when Italy's parliament passes a budget bill with major political and economic reforms and austerity measures. It states that Italy is the third largest economy in the European Union and is too large for the International Monetary Fund or the European stability fund to bailout. It talks about the possibility a European double-dip recession could pull the U.S. back into recession.