At last Berlusconi has said he’ll step down. It should be a good day for Italian democracy. Except that – assuming he really does go – Italy’s longest serving postwar prime minister will have been finally driven from office not for corruption, croneyism, tax evasion or colluding with the mafia; not for the conflict of interests between his media empire and his political position; not for having presided over years of economic stagnation, rising unemployment and crumbling public services, and otherwise generally enriching himself at (almost) everyone else’s expense; not for his outspoken xenophobia, sexism and homophobia; and not even for having sex with underage prostitutes; but because the EU, the IMF and the bond markets think he can't be trusted to push through the austerity regime they want Italy to enforce, which will almost certainly make everything even worse.