Berlusconi loses majority, markets squeeze Italy

November 8, 2011 18:06

ROME/ATHENS - Italian Prime Minister Silvio Berlusconi lost his parliamentary majority on Tuesday after his reform-shy government's borrowing costs soared into the euro zone's danger zone with investors fearing a new, bigger Greece.

Berlusconi won a crunch parliamentary vote on budget policy because the center-left opposition abstained. But he secured only 308 votes in the 630-seat chamber of deputies, indicating he no longer had a majority.

"I ask you, Mr Prime Minister, with all my strength, to finally take account of the situation ... and resign," opposition Democratic Party leader Pier Luigi Bersani said.

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