Italian Prime Minister Matteo Renzi says he is resigning after a stinging defeat on a constitutional reforms referendum that he staked his political career on.
“Good luck to us all,” Renzi told reporters after saying he would tell a cabinet meeting Monday afternoon he is resigning. Then he will tender his resignation to the Italian president after 2 1/2 years in office.
Renzi conceded defeat after exit polls showed his proposal losing by a margin of about 60 per cent to 40 per cent in Sunday’s referendum.
Renzi said the reforms would have cut Italy’s bureaucracy and made the country more competitive. His opponents were hoping to tap into the populist sentiment that has been gaining ground in Europe and the U.S