That's because he has resigned. MSNBC examines what led to today's decision.
Italian Premier Silvio Berlusconi resigned Saturday after parliament's lower chamber passed European-demanded reforms, ending a 17-year political era and setting in motion a transition aimed at bringing Italy back from the brink of economic crisis.
A chorus of Handel's "Alleluia," performed by a few dozen singers and classical musicians, rang out in front of the president's palace as thousands of Italians poured into downtown Rome to rejoice at the end of Berlusconi's scandal-marred reign.
Hecklers shouted "Buffon, Buffon!" — buffoon in Italian — as Berlusconi's motorcade pulled out of his residence and into the presidential palace across town, where he tendered his resignation amid weeks of market turmoil.
Former European commissioner Mario Monti remained the top choice to try to steer the country out of its debt woes as head of a transitional government. Napolitano is expected to meet Sunday with Italy's political forces before deciding how to proceed.The BBC picks up on what might happen next.
Mr Monti, a well respected economist, is exactly the sort of man that the money markets would like to see take charge at this time of crisis, our correspondent says, but there is significant opposition to him within the country.
The austerity package foresees 59.8bn euros in savings from a mixture of spending cuts and tax rises, with the aim of balancing the budget by 2014.