Italy: Renzi Referendum Goes Down in Flames

Early results from the first exit polls of the Italian referendum suggest that voters have overwhelmingly rejected constitutional reform proposals on which Prime Minister Matteo Renzi has staked his political future.

Polls for national broadcaster Rai and the La7 television channel both called the vote for the No camp by a margin of at least 54 per cent to 46 per cent for the Yes camp, and by an average of between 56.7and 43.3 per cent.

Two other polls gave No a similar lead of at least 10 points.

As the polling booths shut at 11pm, the Interior Ministry's website put the voter turnout at 68.33 per cent, indicating that the final turn out could be more than 70 per cent.

The projected result was in line with what opinion polls had been indicating up until 18 November, after which the media were banned from publishing survey results.

After the exit polls were announced the euro immediately fell against the dollar, dropping to $1.0580 from $1.0625.

If confirmed, the result would represent a fresh blow to the EU which is struggling to overcome an array of crises and was eager for Mr Renzi to continue his reform drive in the eurozone's heavily indebted, third-largest economy.

#BREAKING -- Matteo Renzi says will resign tomorrow. #Italy #referendumcostituzionale pic.twitter.com/4tckyPqeID

— Yannis Koutsomitis (@YanniKouts) December 4, 2016