Berlusconi Drops Bid To Topple Government

Silvio Berlusconi has abandoned his bid to topple Italy's Prime Minister, saying he would vote to support the government.

At the weekend, Silvio Berlusconi ordered five ministers, drawn from his centre-right People of Freedom party (PdL), to resign from the cabinet, prompting a constitutional crisis.

Since inconclusive elections in February, Italy has been run by an unusual left-right coalition, headed by the centre-left Democratic Party leader Enrico Letta.

Prime Minister Enrico Letta praised his government's success on Wednesday

A confidence vote in parliament was called after Berlusconi launched his challenge to the leadership.

But in a humiliating climbdown Berlusconi said he had changed his mind on Wednesday after hearing Letta's promise to lower taxes and "the need for a government that can carry out institutional reforms in Italy".

"We have decided to vote for confidence, not without internal disputes," Berlusconi said.

The surprise about-turn made victory for Mr Letta's coalition a certainty and was immediately cheered by the markets, with shares in Milan jumping 1.45% higher after the shock announcement.

Mr Letta shook his head as Berlusconi was speaking and the address was followed by stunned silence.

Lawmakers were still set to vote despite the change of heart by a man who has dominated Italian political life for much of the past two decades.

Letta earlier asked lawmakers to vote for him, saying Italians were tired of "blood in the arena".

"Italy runs a risk that could be a fatal risk. Seizing this moment or not depends on us, on a yes or a no," Letta said in his address to the Senate.

"This is an historic situation," he said.

Several key figures from Berlusconi's own party broke ranks with the billionaire media mogul after his decision to call time on the government.

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