Europe, December 5, 2016 (Bloomberg): Italian Prime Minister Matteo Renzi quit in the early hours of Monday after losing a referendum he’d called to push through constitutional changes, threatening renewed political and financial turmoil for Europe.

Opponents of Renzi’s proposal to rein in the power of the senate won Sunday’s referendum by 60 percent to 40 percent, with almost all votes counted. Renzi said he’ll turn in his resignation to President Sergio Mattarella later in the day and signaled that he won’t stay on to help stabilize a caretaker administration. The euro fell to a 20-month low.

A survey by EMG released Sunday showed Five Star winning a second-round ballot by 53 percent to 47 percent against Renzi’s Democratic Party and by 57 percent to 43 percent against the center-right bloc. Five Star had demanded a snap election if Renzi is defeated as it looks to force another referendum — this time on taking Italy out of the euro.

Still, a poll last month showed only 15.2 percent favored leaving the single currency and 67.4 percent were self-described single-currency believers.

Source: Bloomberg