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Italy's Renzi to address party amid political turmoil Italy's Renzi to hand in resignation amid political turmoil
(35 minutes later)
Italy's outgoing Prime Minister Matteo Renzi will meet his centre-left Democratic Party (PD) on Wednesday, as he prepares to leave office after Sunday's referendum defeat. Prime Minister Matteo Renzi will hand in his resignation to Italy's president on Wednesday, three days after losing a referendum he had staked his career on.
However, there is confusion over who will run the country after he resigns. He had promised to wait until the Senate passed the government's 2017 budget, which it did a little earlier.
Mr Renzi had promised the president he would wait for the 2017 budget to be passed before stepping down. However, there is confusion over who will run the country once he resigns.
The Senate has now cleared the way for his departure by passing a vote of confidence on the budget on Wednesday. Mr Renzi is thought to favour early elections or a caretaker government. President Sergio Mattarella is reportedly hostile to an early vote.
After addressing party colleagues, Mr Renzi will then decide when to visit the president. It is up to the president to decide what happens next.
Italians voted on Sunday by a margin of 59% to 41% against Mr Renzi's plans for constitutional reform, prompting his decision to stand down. Italians voted on Sunday by a margin of 59% to 41% against Mr Renzi's plans for constitutional reform, prompting his decision to stand down. However, Mr Mattarella asked him to delay his resignation until the budget had been passed.
He is thought to favour early elections or a wider "government of national responsibility" involving other political parties. Mr Renzi was expected to put the idea to both the PD and President Sergio Mattarella. Soon after the Senate vote, Mr Renzi tweeted that he would visit the president at 19:00 (18:00 GMT). He was first due to put his proposals to colleagues in the Democratic Party (PD).
It is also unclear who would lead and take part in such a caretaker government. PD Finance Minister Pier Carlo Padoan's name has been suggested, along with Senate leader Pietro Grasso, who is apolitical. As an alternative to early elections, Mr Renzi is said to back a "government of national responsibility" involving other political parties.
However, it is up to the president to decide what happens next. Mr Mattarella is widely known to be against early elections, and according to a source quoted in Italy, believes it is "inconceivable" that elections can be held before the electoral laws governing both houses of parliament are synchronised. It is unclear who would lead and take part in such a caretaker government. PD Finance Minister Pier Carlo Padoan's name has been suggested, along with Senate leader Pietro Grasso, who is apolitical.
According to a source quoted in Italy, President Mattarella believes it is "inconceivable" that elections can be held before the electoral laws governing both houses of parliament are synchronised.
The law was changed to the so-called "Italicum" system last year to give the leading party a parliamentary majority through bonus seats in the lower Chamber of Deputies. But there has been no such change in the Senate, which is elected by proportional representation.The law was changed to the so-called "Italicum" system last year to give the leading party a parliamentary majority through bonus seats in the lower Chamber of Deputies. But there has been no such change in the Senate, which is elected by proportional representation.
Senate reforms were part of the package rejected on Sunday. Another factor is that the constitutional court will rule on 24 January on whether the lower house reforms are legitimate.Senate reforms were part of the package rejected on Sunday. Another factor is that the constitutional court will rule on 24 January on whether the lower house reforms are legitimate.
Italy's political turmoil has also led to days of uncertainty in international markets, amid questions over the fate of Italy's indebted banks, especially its third largest, Monte dei Paschi, which is seeking €5bn (£4.2bn; $5.3bn) to recapitalise.Italy's political turmoil has also led to days of uncertainty in international markets, amid questions over the fate of Italy's indebted banks, especially its third largest, Monte dei Paschi, which is seeking €5bn (£4.2bn; $5.3bn) to recapitalise.
The markets moved higher and Italy's government bond yields fell on Wednesday amid reports that the government in Rome was preparing to take a €2bn controlling stake in the bank and to ask for a €15bn eurozone loan to bail out the troubled banks.The markets moved higher and Italy's government bond yields fell on Wednesday amid reports that the government in Rome was preparing to take a €2bn controlling stake in the bank and to ask for a €15bn eurozone loan to bail out the troubled banks.
Two of the big winners in Sunday's referendum were the anti-EU Northern League and anti-establishment Five Star Movement, and both parties are pushing for early elections.Two of the big winners in Sunday's referendum were the anti-EU Northern League and anti-establishment Five Star Movement, and both parties are pushing for early elections.
But other parties, such as the centre-right Forza Italia, are trailing in the polls and want elections delayed. Forza Italia leader Silvio Berlusconi, 80, had tests in a Milan hospital on Wednesday, six months after he had heart surgery.But other parties, such as the centre-right Forza Italia, are trailing in the polls and want elections delayed. Forza Italia leader Silvio Berlusconi, 80, had tests in a Milan hospital on Wednesday, six months after he had heart surgery.
Mr Renzi's government still has 14 months of its mandate remaining.Mr Renzi's government still has 14 months of its mandate remaining.