2016 Italian Constitutional Referendum on Sunday Dec 04,2016 - Italian Prime Minister Matteo Renzi after losing a referendum

Italian Prime Minister Matteo Renzi announced his resignation on Monday, hours after learning he had suffered a crushing defeat in a referendum on constitutional reform.

"My experience of government finishes here," Renzi told a press conference, acknowledging that the No campaign had won an "extraordinarily clear" victory in a vote on which he had staked his future

Interior Ministry projections suggested the No camp, led by the populist Five Star Movement, had been backed by 59.5 percent of those who voted.

Nearly 70 per cent of Italians entitled to vote on Sunday cast their ballots, an exceptionally high turnout that reflected the high stakes and the intensity of the various issues involved

Europe was rocked again last night Sunday Dec 04,2016 after the latest populist surge against Brussels.

Italy is poised to become the next country to reject the establishment as exit polls suggest a referendum protest vote is poised to beat the government

 

The prospects of an Italian vote on leaving the single currency – and by extension the EU itself – now draw closer.

The Italian Prime Minister Matteo Renzwas swept from power after calling a referendum on constitutional reforms, which became a vote on confidence in his government.

Italian Prime Minister Matteo Renzi resigned shortly after exit polls indicated a clear defeat, saying: 'I accept all responsibility for this loss. I'll say it out loud.'

In an emotional press conference, Italian Prime Minister Matteo Renzi said he did all he could, but will resign officially tomorrow when he meets his colleagues

Italian Prime Minister Matteo Renzi accepted all responsibility for the stinging loss, saying he felt bitterness, rage, sadness and disappointment, and added: 'I wasn't able to do so [deliver change to Italy], so therefore I will have to leave.'

The result is a further landmark victory for populist movements, following Britain's vote for Brexit and Donald Trump's election win in the US.

A rejected vote would reduce the senate's influence and withdraw power from 20 regional governments in the country, gifting power to populists committed to taking the country out of the euro

Italian Prime Minister Matteo Renzi's opponent Beppe Grillo had urged voters to 'go with your gut not your brain' and had called for Italy to ditch the euro

People hold placards and chant slogans as they stage a protest against Italian Prime Minister Matteo Renzi and for the constitutional reform referendum

An exit poll by the Piepoli Institute/IPR for state television station RAI, estimated the 'No' vote at 54-58 percent against 42-46 percent for 'Yes'. 

Two other polls gave 'No' a similar lead of at least 10 points. 

Voting ended at 11 p.m. on Sunday Dec 04,2016