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Italian PM Matteo Renzi resigns after crushing 20-point defeat in constitutional referendum Italian PM Matteo Renzi resigns after crushing 20-point defeat in constitutional referendum
(35 minutes later)
Italian Prime Minister Matteo Renzi has announced his resignation and said he takes "full responsibility" for the "extraordinarily clear defeat" in the 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. 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. Mr Renzi had conflated his centrist leadership with a "Yes" vote and promised to step down if he lost. 
Addressing the nation at a press conference from the Palazzo Chigi on Sunday night, Mr Renzi said "my experience of government finishes here". Addressing the nation at a press conference from the Palazzo Chigi on Sunday night, Mr Renzi said "my experience of government finishes here". 
“I have lost and I say it out loud,” Mr Renzi said, adding he would visit President Sergio Mattarella on Monday to formally hand in his resignation following a final meeting of his cabinet. "We tried, we gave Italians a chance to change but we didn't make it. We wanted to win not to take part in the competition.
"Good luck to us all," he concluded.  "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," he concluded. 
Mr Renzi said he would visit President Sergio Mattarella on Monday to formally hand in his resignation following a final meeting of his cabinet.
Mr Mattarella will then be tasked with brokering the appointment of a new government or, if he is unable do that, ordering early elections.Mr Mattarella will then be tasked with brokering the appointment of a new government or, if he is unable do that, ordering early elections.
Most political analysts see the most likely scenario being that Renzi's administration will be replaced by a caretaker one dominated by his Democratic Party, which will carry on until an election due to take place by the spring of 2018.Most political analysts see the most likely scenario being that Renzi's administration will be replaced by a caretaker one dominated by his Democratic Party, which will carry on until an election due to take place by the spring of 2018.
Angelino Alfano, Italy's Interior minister and a Yes supporter, said on Twitter: "Together with million of Italians we played a good game but we lost it. It was good to play it and was the right thing for Italy.”
Former Prime Minister of Italy Silvio Berlusconi, who supported the No vote, said he wanted to set a meeting to change the electoral law as soon as possible. He is due to speak officially tomorrow. 
The scale of the No victory was even larger than opinion polls had indicated up until 18 November, after which the media were banned from publishing survey results.
The turnout at the polls was remarkably high on Sunday, with the Interior Ministry's website putting it at 68.33 per cent, indicating the final turn out could be more than 70 per cent. The turnout at the polls was remarkably high on Sunday, with the Interior Ministry's website putting it at 68.33 per cent, indicating the final turn out could be more than 70 per cent. 
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 had gone into the final weekend of the campaign insisting he could still win voters around but he acknowledged he had failed on Sunday night. "The Italian people spoke today in unequivocal fashion," he said.
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. 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.
He also wanted to reduce the political power of Italy’s regions. 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 and Sunday's vote presents a major victory for the party. 
Few dispute that economic reforms are necessary: the Italian economy has essentially gone nowhere for 16 years and unemployment is high at 11.5 per cent. With the exception of Greece, Italy has had the worst performance of any eurozone country since the 2008 financial crisis. Opposition parties had denounced the proposed amendments to the 68-year-old constitution as dangerous for democracy because they would have removed important checks and balances on executive power.
Matteo Salvini, leader of the far-right Northern League said Mr Renzi should resign immediately and called for early elections.
"God willing it's over. A new era starts tomorrow I hope," he had said earlier in the day.
However, few dispute that economic reforms are necessary: the Italian economy has essentially gone nowhere for 16 years and unemployment is high at 11.5 per cent. With the exception of Greece, Italy has had the worst performance of any eurozone country since the 2008 financial crisis.
But any political reforms in Italy that have the effect of concentrating political power have, by law, to be put to a popular referendum. This is a legacy of the country’s painful history of a fascist takeover by Mussolini in the wake of the First World War.But any political reforms in Italy that have the effect of concentrating political power have, by law, to be put to a popular referendum. This is a legacy of the country’s painful history of a fascist takeover by Mussolini in the wake of the First World War.
The result has raised concerns that new elections may be called, making it conceivable that the Five Star movement could come to power. The party is currently on around 28 per cent in the polls, not far behind Mr Renzi’s Democratic party, which has a 32 per cent share.
If in power, Five Star has said it would hold a referendum to decide whether Italy should leave the eurozone.
In light of this, a victory for No could start a panic financial markets and traders assume the country is on a slippery slope to leaving the eurozone.
If the eurozone economy goes into another slump brought on by a fresh financial panic it will damage growth in the UK by depressing exports and domestic UK business investment. Unemployment would rise and living standards would fall.
The pound may well gain against the euro – which would be good for holidaymakers heading to the Continent – but the overall economic impact of a return of the eurozone crisis for Britons would almost certainly be negative.
Additional reporting by agencies