Italy's president dissolved parliament Saturday, setting the stage for general elections in February.
Mario Monti told the president he will resign, saying he can no longer govern after Berlusconi's party withdrew crucial support.
Italian Premier Mario Monti saw nearly seven months of confidence-building by his government wiped out this week, when the country's borrowing rates in a bond auction skyrocketed back near levels last seen in December.
In one bold stroke last month, Monti issued a decree that overturns decades of arcane rules that have coddled many of the small businesses that represent an outsized portion of the Italian economy.
Economist Mario Monti has accepted the monumental task of trying to form a new government that can rescue Italy.
The man tapped to be Italy's next premier earned the moniker "Super Mario" in the halls of the European Commission, stopping such corporate giants as Jack Welch and Bill Gates in their competitive tracks.
Italy's new premier-designate economist Mario Monti says he will get to work quickly to try to form a new government, assuring the nation that it can heal its disastrous finances.
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