It’s just about over for Silvio Berlusconi.

Multiple news outlets are relaying information from Italy’s President (Napolitano) that Silvio Berlusconi has informed him of his intent to resign after the latest budget is passed.

Stocks are rallying on the news.

The Dow instantly shot up by 50 points.

Earlier in the day, Berlusconi was able to get a budget measure passed by the lower house of Parliament, but he did not get enough votes to signify that he retained a majority of support anymore.

Following that realization, Berlusconi’s main political rival immediately called for a no-confidence vote, prompting Berlusconi to visit the country’s President (who handles such things) and inform him of resignation plans.

via BERLUSCONI IS GOING TO QUIT.