Italian Prime Minister Matteo Renzi is set to resign on Monday after suffering a crushing defeat on Sunday in a referendum on constitutional reform, tipping the euro zone’s third-largest economy into political turmoil.
"The prime minister, following the outcome of the constitutional referendum held yesterday, announced that he could not continue with the mandate of the government and has therefore expressed his intention to resign," a statement said.
"The president of the republic, given the need to complete the parliamentary process of approval of the budget law... asked the prime minister to postpone his resignation until this requirement has been fulfilled."
The approval of the budget is expected to be completed by the end of the week, according to Italian media. The government has already won a vote of confidence on its contents in the lower house of parliament.
Date created : 2016-12-05