Italy's Prime Minister Mario Monti resigned on Friday after parliament gave final approval to the 2013 budget law.

Italy's PM Mario Monti resigns Photo: Internet

The 69-year-old economist handed in his formal resignation to President Giorgio Napolitano, who is expected to call early national elections within 70 days of the parliament dissolution, possibly on Feb. 24. Earlier this month, he had announced early resignation after losing support of former premier Silvio Berlusconi's center-right People of Freedom (PdL) party, the biggest group in parliament. Monti said he had appreciated that "growth was seen not only in economic terms, but was also regarding the increased authority and credibility of Italy at the international level."