Allegations of scandalous sexual behaviour and accusations of corruption weren’t enough to unseat Italian Prime Minister Silvio Berlusconi, but Italy’s quickly deteriorating economic situation could be the final straw for the storied politician.

Berlusconi is expected to resign sometime this weekend, once a new austerity package is passed through Italian parliament.

The package, demanded by the European Union, would likely see an increase in minimum retirement age, the privatization of certain industries and the sale of government-owned land.

Berlusconi scheduled a cabinet meeting for Saturday afternoon, where it is expected the austerity measures will be debated.

Austerity measures are generally used by countries when debt gets too high, and include things like spending cutbacks, reductions to public service and sometimes increased taxes.

Berlusconi earlier said he would resign once the austerity measures are passed, after losing a majority budget vote last Tuesday.

Once Berlusconi resigns, life in Italy will likely be different, according to CNN’s Matthew Chance.

“Berlusconi has been a controversial Italian prime minister. Dogged by sex scandals and legal battles,” Chance said. “He’s been divisive in his political life, people either love him or hate him. Italy is now facing a prolonged period of austerity, with a government of relatively grey technocrats steering it through these post Berlusconi times.”

There were indications this week that there may be growing support for former EU commissioner Mario Monti to take the helm in place of Berlusconi.