Italy rushed to implement the austerity measures needed to reduce the huge debt the country handles as the European Union demanded Italy to protect itself from following Greece's steps into the debt crisis.

Berlusconi agreed to step down after the Parliament approved the budget plan on Tuesday and now the country quickens the measures to clear the way and establish a new government, in attempts to restore some confidence.

The vote is expected sometime on Friday, where Italian Senators will vote on the austerity measures, which includes assets sales along with raising retirement age to 62 from 60.

The Chamber of Deputies is expected to vote the following day, while Berlusconi pledged to step down immediately after the approval, Angelino Alfano said on Rai television.

German Finance Minister, Wolfgang Schaeuble said that Italy should consider a request for European Union financial aid, according to people presented at the meeting.

German Finance Minister, Wolfgang Schaeuble said that Italy should consider a request for European Union financial aid, according to people presented at the meeting.