Italian PM Matteo Renzi quits, threatening renewed political and financial turmoil for Europe.
Italian Prime Minister Matteo Renzi has quit after losing a referendum he had called to push through constitutional changes, threatening renewed political and financial turmoil for Europe.
Opponents of Renzi’s proposal to rein in the power of the Senate won yesterday’s referendum by 60 per cent to 40 per cent, with almost all votes counted. Renzi said he would turn in his resignation to President Sergio Mattarella and signalled that he would not stay on to help stabilise a caretaker Administration. The euro fell to a 20-month low. “In Italian politics, no one ever wins,” Renzi said, his voice breaking. “I did everything I thought possible in this phase, but we were not convincing.”
The 41-year-old became the second European leader this year to be toppled by a populist revolt that is propelling Donald Trump into the White House and Britain out of the EU.
The result leaves Mattarella seeking a new government chief who can provide a firebreak against the insurgents; polls show an early election would see the anti-euro Five Star Movement swept into power.
A survey by EMG showed Five Star winning a second-round ballot by 53 per cent to 47 per cent against Renzi’s Democratic Party and by 57 per cent to 43 per cent against the centre-right bloc. Five Star is looking to force another referendum — this time on taking Italy out of the euro.
Still, a poll last month showed only 15.2 per cent favoured leaving the single currency and 67.4 per cent were self-described single-currency believers.