Italian PM Mario Monti has said he intends to step down as Prime Minister, after he lost the support of the parliament, earlier this week.

Silvio Berlusconi’s center-right party People of Freedom withdrew their support for the Prime Minister, making him feel as though he no longer has the support of the Parliament.

Monti has said he will resign immediately if he can quickly pass next year’s budget through parliament. Some believe the withdrawal of support by the People of Freedom Party was an attempt to undermine Monti’s ambitious debt reducing budget.

Disgraced former PM Silvio Berlusconi has said he will run in elections early next year. The media tycoon is still facing charges of underage sex, and was convicted for tax fraud earlier this year. He is currently appealing his conviction.

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