Italian Prime Minister Silvio Berlusconi has agreed to resign, the president's office said Tuesday.
The Italian parliament reluctantly passed a budget reform measure earlier in the day with virtually all lawmakers present voting for the measure. But a majority of the 630 lawmakers abstained from the vote to show their unhappiness with the government.
If the measure had failed, Berlusconi would likely have been forced to resign and European support for Italy's sovereign debt could have vanished, causing an immediate crisis in the eurozone's third-largest economy.
International concern has focused on Italy in recent weeks as analysts worry that the financial crisis centered on Greece might spread.
Even after the Italian parliament approved the reforms, some observers said Berlusconi would have to step down.
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