Tens of thousands of protesters in Italy have demanded that Italian Prime Minister Silvio Berlusconi resign following the government’s retrenchment policies.

Rumors are growing that Berlusconi will step down if he loses a vote on public finance that will be held at the Chamber of Deputies on Tuesday.

The interest rate on Italian ten-year bonds has soared to record highs, signaling that Italy could follow in the footsteps of Greece which was forced into accepting bailouts.

Fears that Italy could be next in being hit with a financial crisis have left a dark cloud over the global economy.