The Italian senate is, today, debating and then voting on the latest austerity measures which, it's hoped, will prevent the need for a bailout of the eurozone's third largest economy. Italian Prime Minister, Mr Berlusconi, has promised to resign after the austerity measures are  passed  by both houses of parliament. It's thought the measures are likely to be approved with the country's politicians wanting to show the eurozone that they are in control of the country's finances.

The austerity measure being debated include 59.8bn euros in savings that will, hopefully, balance the budget by 2014. Italians face an increase in VAT from 20% to 21% and a freeze on public-sector salaries until 2014.

If the lower house votes on Saturday the resignation of the current Prime Minister could come shortly afterwards. In terms of Mr Berlusconi's successor, the government could be led by former EU commissioner Mario Monti. A respected economist, his appointment would be welcomed by markets around the world in these turbulant times.

Image: FreeDigitalPhotos.net