Berlusconi votes in Italy, planned to vote ‘No’

Italian Prime Minister Matteo Renzi speaks following the referendum on constitutional reforms at Palazzo Chigi on December 5, 2016 in Rome, Italy.

Whatever the outcome of a vote being anxiously watched in capitals across Europe and carefully scrutinised on trading floors around the world, it will lead to change. Were he to win, the senate would be reduced from 315 members to 100, with most taken from mayors and regional representatives.

By 7 pm more than 57 percent of Italians had gone to their polling stations, the Interior Ministry said, above the 42 percent registered at the same time in the May 2014 European parliament election.

Italy’s Prime Minister Matteo Renzi said he will resign after a referendum he was backing to streamline Italy’s government bureaucracy was soundly defeated in a vote earlier today.

Renzi himself likened the leader of the Five Star Movement to President-elect Donald Trump.

In a worst case scenario, a rejection could set the stage for a political crisis and loss of confidence in Italy and its debt-ridden banks, triggering broader problems within the eurozone.

If early elections are called, the Five Star Movement, Italy’s largest opposition party, could gain power, opening the way for a referendum on the euro.

Renzi had staked his political career on the result of the referendum on constitutional reform and promised to resign while the “Yes” vote was well ahead in the polls, but his promise has now backfired. Grillo is pressing Italians to vote No to reforms in Sunday’s referendum.

Opponents say the proposals would concentrate too much power in the prime minister’s hands.

Matteo Salvini, leader of the far-right Northern League said Renzi should resign immediately and called for early elections.

They are voting on whether there should be constitutional reforms that would centre more power to the federal government and the ruling party in the country.

Global investors are concerned that a “no” vote could derail Mr. Renzi’s plans to nurse Italy’s beleaguered banks back into health, while delivering yet another blow to the European political project.

Renzi argues that the suggested reforms would speed up the cumbersome, bureaucratic law-making processes in Italy, which has had 60 governments since 1948. “If we want to shake things up in this country, it is now or never”, he added.

Overseas there has been strong support for Renzi with US President Barack Obama, German Chancellor Angela Merkel and EU Commission chief Jean-Claude Juncker all openly calling for a “Yes” vote.

Marine Le Pen, leader of the the Front Nationale, a national conservative party in France, tweeted, “The Italians have disavowed the European Union and Renzi”.

The result of exit polls will be announced as soon as voting ends and the count begins at 11 p.m. (2200 GMT).