Italian PM Mario Monti expected to resign today after budget debate

Mario Monti had planned to serve until April 2013 when the current parliamentary term runs out.

Italian Prime Minister Mario Monti is expected to resign after parliament approves the 2013 budget later today.

Monti will hold a news conference on Sunday in Rome where he is expected to announce whether he will run in the parliamentary elections likely to be held in February, Reuters reported.

According to Bloomberg, the Cabinet will meet at 7 p.m. local time tonight and Monti could hand his resignation to Italian President Giorgio Napolitano soon afterwards.

Monti announced his intentions to resign earlier this month, saying it was impossible to carry on in government after former Prime Minister Silvio Berlusconi’s center-right People of Freedom party withdrew its support for the government.

The technocrat ruler was appointed to lead an unelected government a year ago to rescue Italy from financial crisis.

But his economic austerity measures have left Italians with higher taxes, rising unemployment and a contracting economy, Bloomberg said.

According to the BBC, Monti argues his reforms have prevented Italy from being engulfed in a financial disaster.

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