Italian PM, Matteo Renzi, Resigns After Crushing Defeat in Constitutional Referendum

Italian Prime Minister Matteo Renzi has announced his resignation and said he takes "full responsibility" for the "extraordinarily clear defeat" in the constitutional referendum.

Early results showed the No vote on 59 per cent and on course to achieve the sizeable victory predicted by exit polls.

Mr Renzi had conflated his centrist leadership with a "Yes" vote and promised to step down if he lost. Speaking at a press conference on Sunday night, Mr Renzi said "my experience of government finishes here" and that he would resign formally on Monday.Populists the Five Star Movement, led by comedian and Donald Trump admirer Beppe Grillo, claimed the No position, portraying it as something of a protest vote against Mr Renzi's status quo.

Mr Renzi, who came to power two years ago aged just 39, aimed to streamline Italy’s political system so he can push through a major economic reform package. He wanted to reduce the number of senators and limit the senate’s power relative to the lower house of parliament.He also wanted to reduce the political power of Italy’s regions.