Rome, Dec 5: Italian Prime Minister Matteo Renzi has resigned after suffering a heavy defeat in a referendum over his plan to reform the constitution. Analysts says a
high voter turnout, the rise of the populist Five Star Movement and Northern League and the unpopularity of Renzi were all factors that led his defeat.

Addressing a late-night news conference on Sunday, Renzi took responsibility for the outcome, and said the he would tell a Cabinet meeting on Monday afternoon that he
was resigning, then tender his resignation to the president.

With most ballots counted, the 'No' vote leads with 60% against 40% for 'Yes'. 

Renzi's defeat marks a major victory for anti-establishment and rightwing parties and plunging the eurozone’s third largest economy into political chaos.

Analysts say the potential rise of either the Five Star Movement or the Northern League – which are both anti-EU – as a sign that Italy could try to pull out of the
eurozone.