Italy reaches crisis point as bond yields soar


Italian bond yields hit a eurozone record high on Wednesday, despite a pledge from Italy's prime minister Silvio Berlusconi to resign once the Italian parliament passed plans to implement fierce austerity measures, raising serious concerns over a possible default by the country.

On Tuesday, Berlusconi announced he would resign after losing his absolute majority in a confidence vote in the lower houses of parliament. The Italian prime minister has faced increasing pressure from his government

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