Silvio Berlusconi Resigns As Italian PM

Silvio Berlusconi has collected more than his fair share of enemies and controversies in three separate stints as Italy’s prime minister over a 17-year span. And today in Rome the billionaire media tycoon did what his political and media rivals have wanted him to do for years: he resigned. The head of Italian conglomerate Mediaset made true on his pledge to step down after the government finally passed a package of harsh economic reforms designed to keep Italy from defaulting on its $2.6 trillion debt and avoid the market meltdown that threatens to sweep through Europe. Berlusconi handed in his resignation at the presidential palace, where a crowd of thousands had gathered to cheer his ouster, yelling things like buffoon, Mafioso and shame as he arrived, according to the Financial Times. For years, Berlusconi’s rivals in the media industry have accused him of massive conflict of interest running the government that regulates Italy’s media industry, of which he is such a big part; lawsuits, scandals and plenty of brash talk from the outspoken mogul were normal during his time in office. Now, he has said he will not return to government — he had hoped to become president — leaving him time to focus on Mediaset, Italy’s largest commercial broadcaster that also runs Espana Comunicacion in Spain and has a stake in Dutch reality TV giant Endemol among its many interests.