Matteo Renzi steps down as Italy’s prime minister after defeat in crucial referendum
Italian Prime Minister Matteo Renzi resigned late on Sunday night after losing a constitutional referendum. According to The Telegraph report, He conceded before official results were announced as exit polls showed he was heading for a heavy defeat.
"My experience of government finishes here," Mr Renzi told a press conference after the No campaign won what he described as an "extraordinarily clear" victory in the referendum on which he had staked his future.
The 'Yes' won almost 40.9 percent of the vote compared with 59.1 percent for 'No', according to a final vote count, as reported by Reuters.
About 33 million Italians, or more than two-thirds of eligible voters, cast ballots following months of bitter campaigning that pitted him against all major opposition parties, including the anti-system 5-Star Movement.
The proposed reforms included reducing the power of the Senate. Its members would be cut from 315 to 100, with most drawn from mayors and regional representatives. Mr. Renzi said earlier the reforms would speed up the cumbersome law-making process in Italy, which has had 60 governments since 1948.
Opponents said the proposals would concentrate too much power in the prime minister's hands.