The 75-year-old leader insisted he did not think his coalition government would collapse as they struggle to deal with their debt crisis.
With its colossal £1.6trillion debt, Italy is now at the eye of the storm and is paying 6.43 per cent to borrow money for ten years.
© unknownResolute: Italian prime minister Silvio Berlusconi insists he will not resign as he speaks to journalists in Cannes at the G20 today
That figure is perilously close to the 7 per cent level where Greece, Ireland and Portugal were forced to seek a bailout.
But rejecting IMF help the Italian leader said at the end of the two-day G20 summit in Cannes: 'We don't believe this type of intervention is necessary.'
Italy has built up debts 120 per cent bigger than national income. Its fate is crucial to the eurozone, because its economy - the third-largest in the currency union - would be too expensive to bail out like Greece, Portugal and Ireland have been.
Berlusconi earlier agreed to allow the IMF to monitor its progress in carrying through reforms whose delay has sapped market confidence in Italy and ravaged its government bonds.
IMF chief Christine Lagarde said she hoped a quarterly monitoring mission would start by the end of November to check that the reforms Berlusconi promised in a 15-page letter to the EU last month are implemented.
'The problem that is at stake - and that was clearly identified both by the Italian authorities and its partners - is a lack of credibility of the measures that are announced,' she said..'
© The Associated PressHaving a lira: Italian Prime Minister Silvio Berlusconi appears to be looking at Argentina's President Cristina Fernandez de Kirchner, left, during a group photo at the G20 summit yesterday
Economy Minister Giulio Tremonti refused to answer directly answer a question about whether the government in Italy will survive, saying he had nothing to add.
In a sign of the dwindling confidence in Rome's ability to re-pay its borrowings, BNP Paribas reduced its holdings of Italian bonds by £7.4bn to £10.5bn.
The eurozone crisis has rocked confidence across Europe, with many consumers putting their investment plans on hold.
Sales of life insurance policies are falling as the debt crisis and austerity cuts knock confidence of savers, two of Europe's biggest insurers warned yesterday.
He's so special, don't you think? I wonder how the pre-sales on his new Xmas album is going? Mussolini would be so proud!
And those interest rates? Why worry until they look like Greece's? And why not just take the American's suggestions to do things their way, they phony way and pretend to sell debt to China? or whoever? Isn't that the real complaint, that the EU can't get their house in order to up the con game? Get their own Fed to buy up their own debt? What's wrong with Germany and this refusal to accept the inevitable? Why won't Mz M. just play along and be a good member of the club? Maybe she needs some incentive? Wonder what that could be? Promises to be dirty though, just the way they like it, and with all this fun approaching soon, why would Mr. B. want to leave the party just as it's getting really nasty?
Like a moth to a flame. Fly Silvio, fly and reach the sky, and if you need help, just ask for more Viagra.