Italy to pass economic reform bill by weekend

Italy's Parliament is trying to speed up passage of economic reform bills by the end of the week to calm global financial markets.

President Giorgio Napolitano said on Wednesday that governing and opposition party leaders have agreed to pass the bills within days.

Earlier in the day, the yield on Italian government bonds shot above 7 percent, a level that would make it difficult for the country to rebuild its finances on its own.

Prime Minister Silvio Berlusconi said on Tuesday that he would step down after Parliament passes a series of economic reforms, but investors are worried if his resignation will lead to political stability.

Italy's state-run television said both the upper and lower houses of Parliament will approve the economic reform bills by Saturday.

Angelino Alfano, the secretary general of Berlusconi's governing party, said the Prime Minister would step down by Monday next week.

The Parliament initially planned to pass the economic reform bills by the end of November.

Thursday, November 10, 2011 13:55 +0900 (JST)