Italian Prime Minister announces to resign

Italian Prime Minister announces to resign

ROME: Italian Prime Minister Matteo Renzi said he would resign after suffering a crushing defeat on Sunday in a referendum on constitutional reform, tipping the euro zone’s third-largest economy into political turmoil.

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His decision to quit after just two and a half years in office deals a blow to the European Union, already reeling from multiple crises and struggling to overcome anti-establishment forces that have battered the Western world this year.

The euro fell to 20-month lows against the dollar, with markets worried that instability in heavily indebted Italy could reignite a dormant financial crisis and deal a hammer blow to the country’s fragile banking sector.

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