Italy Referendum: PM Renzi resigned after defeat

Italian Prime Minister Matteo Renzi vowed to resign after suffering a crushing defeat on Sunday in a referendum on constitutional reform, tipping the euro zone's third-largest economy into political turmoil.

In a late-night news conference, he said he took responsibility for the outcome, and said the No camp must now make clear proposals.
With most ballots counted, the No vote leads with 60% against 40% for Yes.
The turnout was nearly 70%, in a vote that was seen as a chance to register discontent with the prime minister.

The proposed reforms would have slashed the size and powers of the Italian Senate, and centralized regional powers at the federal government level. Renzi and his backers said the reforms would have streamlined the legislative process in Italy, a country notorious for political corruption, instability, and inefficiency.
"Good luck to us all," Mr Renzi told reporters. He said he would tell a cabinet meeting on Monday afternoon that he was resigning, then tender his resignation to the Italian president.

“I have lost,” Renzi said in a televised statement. “We gave the Italians an opportunity to change, but we didn’t succeed.” The prime minister will present his resignation to President Sergio Mattarella on Monday after two-and-a-half years in office.