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(Image from article: "Italy Senate passes budget, Berlusconi end nigh")

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Investors cheer Italy after president elected

Hopes of an end to two months of political deadlock in Italy drove its financial markets higher on Monday after the re-election of 87-year-old Giorgio Napolitano suggested parties may be nearer a deal to form a government.

Italy Senate passes budget, Berlusconi end nigh

Italy's Senate approved economic reforms intended to reverse a collapse of market confidence on Friday, kicking off a rapid transition that will end the era of Silvio Berlusconi and clear the way for an emergency government within days.

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