Renzi quits after losing reforms bid

ITALIAN Prime Minister Matteo Renzi tendered his resignation last night following his crushing referendum defeat.

The centre-left leader hoped to end years of political deadlock by stripping senate powers and giving more to the lower chamber.

But Italians rejected his plan by 60% to 40%, a result seen as a boost to populists such as the anti-euro Five Star movement.

Mr Renzi said of his failed bid to shake up Italy’s political system: “My experience in government ends here. I did all I could to bring this to victory.”

Italian bank shares tumbled amid fears Italy could face political turmoil.

It is unclear when Mr Renzi will relinquish power, but an interim Government may be appointed soon.