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Italian leader tells Renzi to stick to his job

Italian leader tells Renzi to stick to his job

Matteo Renzi's sudden resignation after the crushing defeat of his referendum on constitutional reforms heralds a new period of uncertainty for Italy, its struggling banks and the wider euro zone.

Before the referendum, most commentators, and financial markets, assumed that even if Renzi lost and resigned, a temporary unelected government would be installed to tide Italy over until the end of parliament's term in 2018.

Renzi said he would step down after losing a referendum on constitutional reform on Sunday, but Mattarella asked him to stay on until parliament passes the 2017 budget, a vote scheduled for Wednesday.

Italy's President Sergio Mattarella called on Renzi, 41, to postpone his exit following his crushing referendum defeat until the budget is passed, in a bid to reassure those in Europe anxious about the country's plunge into political uncertainty.

On Monday, sources said Renzi plans to present his "irreversible" resignation to Mattarella on Monday evening, following a cabinet meeting.

Northern League leader Matteo Salvini called for an immediate election this winter "because real change happens only through electoral victory".

Mattarella will later have to either choose a new prime minister or call early elections. Britain was not a member of the euro, but more important, it was not a founding member of the European Common Market, which Italy was.

Manchester United still far away from EPL title: Mourinho
The visitors are now sixth in the table, a point ahead of Everton , but it was another example of United squandering points. Mourinho refused to comment on the penalty decision but said: "We were the best team by far but we didn't win".

Elsewhere in Europe, equities have responded to the referendum result and Renzi's resignation fairly calmly, with Europe's key indexes trading strongly in positive territory. Pollsters say lower participation could favor Renzi, as hostility to his reform is strongest among young voters and those in the poor south, segments of the population that often don't bother to vote. The size of the "No" vote, at 59.1%, was more emphatic than had been forecast.

However, they warned that the euro's outlook remains clouded by worries over political risks in Europe, with elections coming in the Netherlands, France and Germany next year.

The departure of the centre-left premier - who had staked his future on the outcome of the vote - plunges Italy into political uncertainty and casts a shadow over the future of the eurozone's third-largest economy. "The institutions must in any case guarantee the fulfilment of all commitments and tasks awaiting us, ensuring an adequate answer to the problems of the moment".

The Five Star Movement in particular has made gains in the polls and wants to hold a non-binding referendum on whether to leave the euro. We must listen to this thirst for freedom of nations, " she said. Investors, though used to political drama in Rome, are trying to gauge the impact on the country's economy and the wider eurozone.

There is a risk that the failure of a major bank - such as the troubled Banca Monte dei Paschi di Siena - could set off a wider crisis, but repairing the banks becomes more hard amid political uncertainty.

On Tuesday, however, Italian 10-year bond yields tumbled 9 basis points (bps) to 1.91 per cent, moving further away from last month's 14-month highs around 2.17 per cent.

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