The Italian Senate passed a series of austerity measures Friday demanded by Europe , as it seeks to ward off fears of a debt-driven crisis . The package was approved by 156 votes in favor to 12 against , with one abstention . It only had to be passed by those of the 320 senators who were present for the vote . The lower house , the Chamber of Deputies , is expected to discuss the measures and vote Saturday . Prime Minister Silvio Berlusconi is expected to step down after the austerity measures are adopted by both houses . Intended to cut spending and boost growth , they include pension reform , with plans to raise the retirement age from 65 to 67 , the privatization of state-owned companies and sale of state-owned properties , the liberalization of certain professions and investment in infrastructure . Berlusconi assured European leaders the measures would be implemented in a letter to the European Union late last month amid concerns that the reforms might stall . As the eighth-largest economy in the world and the fourth-largest in Europe , Italy is seen as vulnerable to the debt crisis that has brought down Greece , although economists say Italy remains solvent . Italian President Giorgio Napolitano has said that after the Italian parliament passes the reforms , either an interim government will be formed or elections will be held . Italy gave indications Thursday that there may be growing support for former EU commissioner Mario Monti to take the helm in place of Berlusconi . Monti spent two hours meeting with the president Thursday evening shortly after being made a senator for life , Italy 's ANSA news agency reported . The appointment means Monti was able to vote Friday in the Senate . Berlusconi appeared to signal his support Thursday for Monti , who has a reputation as a hard-working , intellectually rigorous technocrat . In a post on Berlusconi 's official Facebook page , he wrote that he had sent a telegram to Monti congratulating him on being appointed by the president to be a `` senator for life , reflecting the outstanding achievements '' in certain arenas . `` I wish him a successful job in the national interest , '' Berlusconi said . Foreign Minister Franco Frattini also said he supports an emergency government of national unity led by Monti . `` He has an international profile that no one can deny , '' Frattini said , according to his press office . Monti was a member of the European Commission for 10 years . For half that time he was the competition commissioner , leading high-profile anti-trust cases involving large companies including Microsoft . Investor confidence plummeted Wednesday when the yield on 10-year Italian government bonds rose above 7 % , the level at which other European countries -- including Greece , Portugal and Ireland -- have sought international bailouts . Tensions eased slightly Thursday as Italian 10-year bonds traded lower , following intervention by the European Central Bank . Italy has one of the highest national debts in Europe , about 120 % of GDP or about €1.9 trillion and has seen low growth in recent years .
Italy 's Senate approves the economic reforms by 156 votes in favor , 12 against . The bill will now go to President Giorgio Napolitano for his approval before it can become law. Once the measures are adopted , Berlusconi is expected to step down . Mario Monti is touted as a possible successor .