Italy's PM Steps Down after Referendum Defeat

Italian Prime Minister Matteo Renzi resigned early on Monday after a severe blow delivered by the results of a referendum on constitutional changes.

The "No" vote leads with 60%, while 40% voted "Yes". Renzi had vowed to step down in case of a majority of "No" votes.

Renzi and his government insisted the constitutional amendments aimed to cut red tape and end usual stalemates in decisionnaming by taking away some of the Senate (Upper House)'s competences.

However, anti-establishment and euroskeptic parties such as the Five Star Movement and anto-immigrant Lega Nord, were firmly united behind the "No' camp.

The vote is seen as a warning sign for a number of core EU member strates such as Germany, France and the Netherlands, which are facing elections themselves next year. 

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