Monday, December 5, 2016

Italian Prime Minister Renzi announces resignation

Italian Prime Minister Renzi has announced his intention to resign following a defeat in a referendum over his plan to reform the constitution.
Mr Renzi made the announcement at a press conference during which he said he accepted full responsibility for the defeat.

A projection by the Piepoli Institute/IPR for state broadcaster RAI, estimated those voting 'Yes' to back the reform at 39-43%, compared with 57-61% for 'No'.

Polls for national broadcaster Rai and the La7 television channel both gave the No camp as winners by a margin of at least 54% to 46% in this evening's referendum.

The euro immediately fell against the dollar on the exit polls, slipping to $1.0580 from $1.0625.

The result will represent a fresh blow to the European Union which is struggling to overcome an array of crises and was eager for Mr Renzi to continue his reform drive in the eurozone's heavily indebted, third-largest economy.

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