This is the VOA Special English Economics Report.

The economic situation in Italy is worrying investors and may have cost its prime minister his job. Like Greece, Italy is facing pressure to make unpopular cuts in government spending. Prime Minister Silvio Berlusconi has been seeking to enact measures meant to satisfy his country's creditors. The interest rate Italy can expect to pay for borrowing money is increasing and recently passed seven percent.

This week, Mister Berlusconi won a budget vote in Italy's lower house of parliament.
(SOUND)

TRANSLATOR: Three-hundred-nine attending, three-hundred-eight in favor, one boycotted, no vote against the chamber approves..."

But the prime minister lost something else. A majority of lawmakers in the lower house refused to vote. It appeared Mister Berlusconi had lost their support. He announced on Tuesday that he would resign after parliament passes budget cutting measures.