The economic situation in Italy is worrying investorsand may have cost its prime minister his job.Like Greece, Italy is facing pressureto make unpopular cuts in government spending.Prime Minister Silvio Berlusconihas been seeking to enact measures meant to satisfy his country's creditors.The interest rate Italy can expect to payfor borrowing money is increasingand recently passed seven percent.This week, Mister Berlusconi won a budget votein Italy's lower house of parliament.(SOUND)TRANSLATOR: Three-hundred-nine attending,three-hundred-eight in favor, one boycotted,no vote against the chamber approves..."But the prime minister lost something else.A majority of lawmakers in the lower house refused to vote.It appeared Mister Berlusconi had lost their support.He announced on Tuesday that he would resignafter parliament passes budget cutting measures.Italian government debt is about one hundredtwenty percent the size of the country's economy.That is second only to Greece in Europe.Greece, Ireland and Portugal have all requiredrescue loans to help them pay creditors.But unlike those nations,Italy has the third largest economy using the euro.And it is among the ten largest economies in the world.On Monday, European Union Economic and Monetary Affairs Commissioner Olli Rehn said Italy needs to enact reforms.OLLI REHN: " essential now that Italywill stick to its fiscal targets,ensure their implementationand intensify the structural reformsthat can boost growth and job creation."Unlike Greece,Italy's budget deficit is not out of control.Of greatest concern, however,is Italy's lack of growth and job creation.Financial officials and market watchers are also concernedthat Italy's debt problems may be too big to solvefor the seventeen nations using the euro.European leaders have yet to agree on the sizeand conditions of a rescue fund, or plan.In Brussels, Dutch Finance Minister Jan Kees de Jager said the rescue fund needed to be bigger.But he said budget reform of euro nations was important, too.JAN KEES DE JAGER: "We have to increasethe capacity of the emergency fund, that's very important,but it's not the only thing.Economic reforms and budget cuts in countries currentlyunder attack of the financial markets are at leastas important than more money in the emergency fund.''On Wednesday, Italian President Giorgio Napolitanonamed former European commissionerMario Monti a Senator for life.Mister Monti is now considered a leading candidateto replace Mister Berlusconi.And that's the VOA Special English Economics Report.Follow us on Facebook and Twitter at VOA Learning English.