Italian Prime Minister Matteo Renzi who has been in power for 2 years, has announced his resignation. He said he takes full responsibility for the "extraordinarily clear defeat" of his package of constitutional reforms in yesterday's referendum. The "No" campaign led with almost 60 per cent of the vote to slightly over 40 per cent for "Yes". Renzi said he would visit President Sergio Mattarella today to formally hand in his quit following a final meeting of his cabinet. It is expected that a caretaker from his Democrat Party will lead the country until 2018 general elections.

Financial markets reacted immediately to the referendum result, as the euro fell sharply in value against the dollar.  Euro became equivalent to $1.0507 which was the lowest level since March 2015.

The Five Star Movement led by comedian and Donald Trump admirer Beppe Grillo portrayed the event as a protest  against Renzi’s status quo and a major victory to the party.  Additionally, Five Star Movement member Luigi Di Maio said: “We're not going to leave EU, we're leaving Renzi's era.” 

Moreover, Former Prime Minister of Italy Silvio Berlusconi who supported the ‘’No’’ vote, called to change electoral laws and bring new elections as soon as possible. 

Italy was called to vote on December 4 for a constitutional referendum which foresee significant changes in political system. Reforms introduced by   Matteo Renzi, was conducted to speed up the parliamentary process and overcoming bicameralism.  Also, reforms were providing more power to central government and less power to regional governments about energy, infrastructure and environment.

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