Letta to resign as Italy's Prime Minister

FXStreet (San Francisco) - As expected, Italy's Democratic Party voted 136 v 16 to oust Enrico Letta as Prime Minister later on Thursday and Letta is ready to leave the chair as soon as possible. He will tender his resignation to President Napolitano tomorrow.

DP leader and Florence Major Matteo Renzi would form a new cabinet in the coming days. Renzi has been criticizing Letta's government for not making enough efforts to pull the country out of the crisis, ever since he was chosen to lead the center-left party in December.

Angelino Alfano, head of the New Centre Right party, said that his party won't support left-leaning Italian government. Alfano's party affirmed they are ready to work on labor, tax policy and for a stable coalition.