Matteo Renzi resigns: Italy's PM stands down after crushing 20-point defeat in referendum

Italian PM Matteo Renzi to resign after heavy referendum defeat

Italian Prime Minister Matteo Renzi is resigning after losing a key referendum on constitutional reform.

The result plunges the country into political turmoil, but with the European Union already reeling from multiple crises and struggling to overcome anti-establishment forces, many sought to downplay the broader significance of the vote.

EU finance commissioner Pierre Moscovici told reporters in Brussels that he has "full confidence in Italian authorities to manage this situation".

He added: "I'm very confident in the capacity of the eurozone to resist all kind of shocks."

DYI:  This is a major blow to the EU and very well could be the impetus spurring Italy to exit from Brussels'.  Not much more can be said at this time, at least for Italy, however France and the Netherlands are ginning up with pro-exit candidates.

DYI