Italy's Silvio Berlusconi resigned as Prime Minister failing to handle Fierce Financial Crisis

Italy's Silvio Berlusconi resigned as Prime Minister on 12 November 2011 after he was stripped of a parliament majority due to his unsuccessful handling of the fierce financial crisis. Berlusconi's latest popularity rating was at an all-time low of just 22 per cent. Silvio Berlusconi, born in September 1936 is an Italian politician and businessman who served three terms as Prime Minister of Italy, from 1994 to 1995, 2001 to 2006, and since 2008. Itlians were tired of his sleaze scandals and a series of embarrassing international gaffes. He lost his majority in parliament amid growing fiscal problems related to the European debt crisis.

He got his nickname, Il Cavaliere (literally, The Knight)  from the knighthood of the Order of Merit for Labour he received in 1977.

Silvio Berlusconi’s Political Career

He made his political debut in 1993 with a new party called Forza Italia. His populist style and championing of the American dream of the self-made man earned him huge popularity in Italy. Berlusconi is the longest-serving post war Prime Minister of Italy, and third longest-serving since the creation of Italy, after Benito Mussolini and Giovanni Giolitti.

He was elected as a Member of the Chamber of Deputies for the first time and appointed as Prime Minister following the March 1994 parliamentary elections. In the April 1996 snap parliamentary elections, Berlusconi was defeated by the centre-left candidate Romano Prodi. In the May 2001 parliamentary elections, he was again the centre-right candidate for Prime Minister and won against the centre-left candidate Francesco Rutelli. Berlusconi then formed his second and third cabinets, until 2006.

Berlusconi was criticised for his dominance over the Italian media whilst he held political office. His broadcasting company Mediaset is the largest in the country and Berlusconi never fulfilled his election campaign of selling his shares in the company. His leadership was largely undermined by rampant sex scandals.

Berlusconi’s Successor

Economist Mario Monti, whoi came to promonance as the powerful Competition Commissioner  succeeded Berlusconi to head an emergency Italian government.