Italian PM Matteo Renzi Resigns After a Failed Referendum

The latest results of the Italian referendum suggest a massive defeat for the Italian PM, Matteo Renzi. According to sources, 59.7% of voters voted ‘No, while 40.3% voted ‘Yes’.

The referendum was put forward by the government with the aim of reforming the Italian constitution and political system.

The PM admits Defeat

Matteo Renzi took responsibility for the defeat, stating:

My experience of government finishes here.

I lost. I can admit it and I am sorry, I was not able to lead you to the victory. Good luck to us all.

Renzi told reporters he will officially announce his resignation at the Cabinet meeting on Monday. He is then expected to submit his resignation to the Italian President, Sergio Mattarella.

Mr. Renzi entered into office almost three years ago, promising to tackle Italy’s economic problems and corruption.

Earlier today, Opposition leader, Matteo Salvini, said that a ‘No’ vote would mean a

Victory against the strong powers of three-quarters of the world.

Salvini’s Northern League (Lega Nord) is widely perceived as an anti-establishment, right-wing party.

Other leading anti-establishment parties across Europe have hailed the results of the referendum.

Marine Le Pen, leader of the National Front, wrote on Twitter:

The Italians have disavowed the EU and Renzi. We must listen to this thirst for freedom of nations.

The Euro fell against the dollar after the first exit polls indicated that referendum has failed. Political instability in Italy could also trigger another crisis of confidence in the economic recovery of the Eurozone.

With the next elections in Italy scheduled for early 2018, it is expected that President Sergio Mattarella will attempt to form a caretaker government that will serve the remaining length of Renzi’s term.

Early elections would favor two main opposition parties, theĀ Five Star Movement led by Beppe Grillo and Matteo Salvini’s Northern League.