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Berlusconi Faces Renewed Pressure to Resign

Italian Prime Minister Silvio Berlusconi is now facing pressure from within his own party to resign. Rumors continued to circulate over the weekend that Berlusconi would announce his resignation but his office still denies the PM is considering stepping down.

Reports show that Berlusconi tried to reach out to rebels within his government over the weekend in an attempt to win back their support. The government faces a vote on Tuesday to confirm a state financing bill. The government has already lost a preliminary vote on the bill and some insiders suggest that a repeat loss on Tuesday would leave Berlusconi with no option but to quit.

Source: Reuters

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Posted by Staff at 7:16 am UTC, 05/24/2012
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May
24
Today’s Global
Market Events
8:30am

CAD
Corporate Profits q/q
9.0%
USD
Core Durable Goods Orders m/m
1.1% vs. -0.8%
USD
Unemployment Claims
372K vs. 370K
USD
Durable Goods Orders m/m
0.5% vs. -4.0%
9:00am

EUR
ECB President Draghi Speaks
EUR
Belgium NBB Business Climate
-10.6 vs. -10.7
10:30am

USD
FOMC Member Dudley Speaks
USD
Natural Gas Storage
77B vs. 61B
1:00pm

USD
FOMC Member Dudley Speaks
3:00pm

USD
Treasury Sec Geithner Speaks
7:30pm

JPY
Tokyo Core CPI y/y
-0.5% vs. -0.5%
JPY
National Core CPI y/y
0.1% vs. 0.2%