Silvio Berlusconi officially resigned as Italy's prime minister Saturday, according to the presidential palace press office.
His resignation comes just hours after the Italian lower house of parliament approved a series of austerity measures demanded by Europe to shore up confidence in the country's economy. It passed by a vote of 380 for to 26 against.
The package, which includes spending cuts and proposals to boost growth, was approved by the Senate Friday, resulting in a market surge.
The prime minister, who has survived many previous sexual and ethical scandals, pledged to step down once the economic measures passed both houses of parliament after losing his majority.
Berlusconiβs departure signals the end of an era in Italian politics. The 75-year-old business tycoon has been a dominant force since forming his Forza Italia party in 1994.FULL STORY