The Italian senate votes on Friday on austerity measures.

意大利参议员将于周五就财政紧缩政策进行投票。

The measures are also likely to be approved by the lower house at the weekend, paving the way for Prime Minister Silvio Berlusconi to resign.

A technocrat¹ government possibly led by former EU commissioner² Mario Monti is being debated.

On Thursday, Italy raised 5bn euros (£4.3bn) from new government bonds.

But this was at an interest rate of 6.087% to borrow the money for one year.

The upper house is due to begin its debate on the austerity law at 09:30 GMT (10:30 local time), with a vote expected in the evening.

Mr Berlusconi, who lost his parliamentary majority in a vote on Tuesday, has promised to resign after the austerity measures are passed by both houses of parliament.

Nervous markets

Italy's leaders are desperate to signal that they can bring the country's finances under control, says the BBC's Alan Johnston in Rome, and they are moving fast.

Mr Monti, a well respected economist³, is exactly the sort of man that the money markets would like to see take charge at this time of crisis, our correspondent says.

The Italian president has made Mr Monti a senator for life, meaning he will be eligible⁴ to take part in Friday's vote.

President Giorgio Napolitano said he wished to "dispel⁵（驱散） any doubt or misunderstanding" on when Mr Berlusconi would fulfil his promise to resign.

If the lower house completes its vote on Saturday, President Napolitano could accept Mr Berlusconi's resignation as early as Saturday evening.

He could then formally ask Mr Monti to form a government of technocrats⁶.

On Wednesday, the interest rate on 10-year Italian government bonds touched 7%, the rate at which Greece, Ireland and Portugal were forced to seek bailouts from the EU.

An EU team has begun work in Rome, monitoring how Italy plans to cut its crushing debt burden, 120% of annual economic output (GDP).

The Italian economy has grown at an average of 0.75% over the past 15 years.