Berlusconi resigns amid sex scandal allegations

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The country elected a multi-billionaire, one of the 118th richest in the world, who now leaves Italy with a budget in shambles.

SIlvio Berlusconi, 75, the italian prime minister, resigned on Friday after becoming embroiled in sex scandal where allegations say he paid for sex with a 17 year old girl according to cnn.

Berlusconi's career was long and filled with scandals and allegations. He once filed for divorce on account of allegations he was having an affair with an 18 year-old causing him to separate with his then wife, Veronica Lerio.

Yet his economic woes cannot be missed. He exits as prime minister, leaving Italy $2.7 trillion in debt, which is about %150 of its economic output.

Combined, Greece, Ireland and Portugual have all received international bailouts which in total is still on half as much as the debt Italy carries according Huffington post.

The head of the International Monetary Fund Christine Lagarde emphasizes the international concern for Italian debt woes. The political change should be sign of "clarification and of credibility," said Largarde.

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