Italian PM Mario Monti has said he plans to resign after passing Italy's 2013 budget.

Multiple outlets, including Bloomberg, are reporting the news.

The gist is that last week, Silvio Berlusconi's party withdrew its support for Monti (a technocrat, caretaker PM, who was never elected).

Below is translated version of the statement that came out of the Italian President's office. The translation is sloppy, but the gist is that Monti sees that he has lost the majority.

All that being said, the real news is already known: That Berlusconi intends to content for the PM office in elections that are coming up in a few months. This doesn't change the calendar that much.

The President of the Republic Giorgio Napolitano at the Quirinale tonight received the Prime Minister's Office, Senator Mario Monti. President of the Republic has proposed to the Chairman of the outcome of the talks with the representatives of the political forces that had supported from the beginning the Government and the presidents of the Senate and House of Representatives. Chairman of the Board, for its part noted that the following statement yesterday in Parliament by the Secretary of the PDL on. Angelino Alfano is, in substance, a categorical judgment of no confidence against the government and its line of action. Chairman of the Board does not consider it possible to further carry out its mandate and has accordingly expressed his intention to resign . The President of the Council will ensure as soon as possible if the political forces that do not want to take responsibility for causing the temporary operation - making it even more serious consequences of a crisis of governance, including at European level - are ready to compete in approval times short of the laws of stability and budget. Immediately after the President of the Council shall, after consulting the Council of Ministers, to formalize his irrevocable resignation in the hands of the President of the Republic.