Report: Berlusconi Denies Resignation Rumors

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Italian Prime Minister Silvio Berlusconi on Monday denied rumors he was on the verge of resigning, as Italy's bond market came under heavy pressure, the national news agency ANSA reported.

"Rumors of my resignation are baseless and I do not understand how they started circulating," Berlusconi was quoted as telling his aides.

Fabrizio Cicchitto, leader of Berlusconi's People of Freedom party in parliament, said: "I spoke to Prime Minister Berlusconi a short time ago and he told me that the rumors about his resignation are without foundation."

Stock markets earlier rallied on rumors that Berlusconi's resignation was imminent, while long-term borrowing rates hit record highs.

The yield on 10-year government bonds reached 6.596 percent on Monday compared to 6.371 percent late on Friday, indicating a peak in investor fears.

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