Italy Senate votes as Berlusconi era nears end

Italy's Senate on Friday began debating economic reforms demanded by the European Union at the start of a rapid process that will end the Berlusconi era and clear the way for an emergency government within days.
The upper house began debating the package and is likely to pass it later in the day. It will then go to the lower house which will vote on Saturday, triggering the resignation of Prime Minister Silvio Berlusconi.
Former European Commissioner Mario Monti, who is expected to replace the billionaire media magnate, was welcomed with applause when he took his place in the upper house after being appointed a Senator for life by President Giorgio Napolitano.
The appointment, transforming Monti from academic to legislator, is seen as a clear sign that he will be asked to head a largely technocratic government to push through urgent reforms and head off a perilous crisis. The new government is expected by Monday.

With Italy, the euro zone's third largest economy teetering close to losing control of its towering public debt, global financial markets have been panicked by the weeks of political uncertainty in Italy and the country's borrowing costs rocketed above sustainable levels on Wednesday.
Deeply alarmed by the crisis, Napolitano then banged heads to end the uncertainty and get a new government in place within days.
In a sign of the global concern at the crisis, US President Barack Obama telephoned Napolitano on Thursday, expressing confidence that Italy could have an interim government in place quickly to reassure markets.

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