Renzi said he took full responsibility for the defeat and that on Monday afternoon he would convene his cabinet and then hand in his resignation to President Sergio Mattarella.
Italian Prime Minister Matteo Renzi resigned Sunday night before officials results were in after exit polls showed he was facing a major loss in a constitutional referendum.
“The experience of my government ends here,” Renzi said in a televised address to the nation after early voting results suggested his ‘Yes’ camp may have lost the referendum by as much as 20 points.
Renzi said he took full responsibility for the “extraordinarily clear” defeat and that on Monday afternoon he would convene his cabinet and then hand in his resignation to President Sergio Mattarella.
The euro fell sharply against the dollar as exit polls were released and Renzi announced his resignation.
Renzi took office in 2014 promising to shake up Italy in an effort to push economic and political reforms.
Sunday’s referendum, designed to hasten the legislative process by reducing the powers of the senate and regional authorities, was to have been his crowning achievement.