Italian Prime Minister Berlusconi resigns amid immense pressure

Berlusconi's government was mired in scandals, submitting his resignation to the Italian President on Saturday.

ROME: Prime Minister Silvio Berlusconi formally resigned on Saturday, ending one of the most scandal-plagued eras in recent Italian history amid the jeers of hundreds of protestors gathered in central Rome to celebrate his departure.    

President Giorgio Napolitano accepted Berlusconi's resignation after a meeting in the presidential palace, his office said.

Berlusconi, who failed to secure a majority in a crucial vote on Tuesday, handed in his resignation after parliament passed a package of measures demanded by European partners to restore market confidence in Italy's strained public finances.

Former European Commissioner Mario Monti is expected to be given the task of trying to form a new administration to face a widening financial crisis which has sent Italy's borrowing costs to unmanageable levels.