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| Italy's Renzi hands in resignation amid political turmoil | |
| (about 4 hours later) | |
| Prime Minister Matteo Renzi has handed in his resignation to Italy's president, three days after losing a referendum he had staked his career on. | |
| He had promised to wait until the Senate passed the 2017 budget, which it did earlier in the day. | |
| However, there is confusion over who will run the country now. | |
| Mr Renzi is thought to favour early elections or a caretaker government. President Sergio Mattarella is reportedly hostile to an early vote. | Mr Renzi is thought to favour early elections or a caretaker government. President Sergio Mattarella is reportedly hostile to an early vote. |
| It is up to the president to decide what happens next. | 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. However, Mr Mattarella asked him to delay his resignation until the budget had been passed. | 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. |
| Mr Renzi's government still has 14 months of its mandate remaining and before heading to the Quirinale presidential palace, he spoke to his colleagues in the Democratic Party (PD). | |
| He told them that, as the party with the largest majority, "we have to give the president of the republic a hand to get out of the crisis". | |
| 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. | |
| As an alternative to early elections, Mr Renzi is said to back a "government of national responsibility" involving other political parties. | As an alternative to early elections, Mr Renzi is said to back a "government of national responsibility" involving other political parties. |
| 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. | 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. | 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. |