Now for Italexit! Europe hit by new anti-establishment revolt as Italian PM RESIGNS after losing a referendum that could now gift power to populists wanting to taking the country out of the euro 

• The vote was on Italian prime minister Matteo Renzi's proposed reforms
• Early polls suggested he was losing the vote by 11% in some areas of Italy
• Lack of support was being seen as a failure to reach out to the poor
• Result follows Brexit and Trump in citizens shunning political status quo

Italy is the latest  country to reject the establishment after Italian prime minister Matteo Renzi conceded the referendum and resigned. 

A shock poll by Demos in the week predicted an 11 percentage point margin in the south of the country, according to a Demos poll.

The vote could prompt an exit from the European Union and rejection would follow results in the Brexit referendum and the U.S. presidency race in citizens turning their back on the political status quo.

Mr Renzi accepted all responsibility for the stinging loss, saying he felt bitterness, rage, sadness and disappointment, and added: 'I wasn't able to do so [deliver change to Italy], so therefore I will have to leave.'

In an emotional press conference, Matteo Renzi said he did all he could, but will resign officially tomorrow when he meets his colleagues

Early indications point to the vote on prime minister Matteo Renzi's (pictured, right) reforms being thrown out 

Italy is poised to become the next country to reject the establishment as exit polls suggest a referendum protest vote is poised to beat the government

A rejected vote would reduce the senate's influence and withdraw power from 20 regional governments in the country, gifting power to populists committed to taking the country out of the euro

People hold placards and chant slogans as they stage a protest against Italian Prime Minister Matteo Renzi and for the constitutional reform referendum

Mr Renzi accepted all responsibility for the stinging loss, saying he felt bitterness, rage, sadness and disappointment, and added: 'I wasn't able to do so [deliver change to Italy], so therefore I will have to leave.'

Mr Renzi said he felt bitterness, rage, sadness and disappointment when he conceded the referendum

Mr Renzi said he felt bitterness, rage, sadness and disappointment when he conceded the referendum, adding: 'I'd like to hug each and every one of you. 

'We had a chance, but we were not able to convince the majority of our citizens. 

'We had millions of votes, which is impressive, but not enough. 

'I accept all responsibility. 

'He who fights for an idea cannot lose

'The experience with my government will end here. 

'You can't pretend for the thousandth time that everything will remain. 

'I wanted to change. 

'I wasn't able to do so [deliver change to Italy], so therefore I will have to leave.'

In an emotional press conference, he said he did all he could, but will resign officially tomorrow when he meets his colleagues.  

The result will reduce the senate's influence and withdraw power from 20 regional governments in the country, gifting power to populists committed to taking the country out of the euro who argue the country's economy has stagnated since joining the currency nearly 15 years ago.

An exit poll by the Piepoli Institute/IPR for state television station RAI, estimated the 'No' vote at 54-58 percent against 42-46 percent for 'Yes'. 

Two other polls gave 'No' a similar lead of at least 10 points. 

Voting ended at 11 p.m.

The euro immediately fell against the dollar on the exit polls, slipping to $1.0580 from $1.0625.

The rejection represents a fresh blow to the European Union which is struggling to overcome an array of crises and was eager for Renzi to continue his reform drive in the euro zone's heavily indebted, third-largest economy.

Renzi said earlier this month that he would no longer bow to "diktats" from Brussels over fiscal restraints he regards as counterproductive at a time when most of the eurozone is struggling

Italy s proposing to run a budget deficit of 2.4 percent of GDP for the year, significantly higher than the 1.8 percent level it had promised to deliver earlier this year.

Deputies on Friday voted overwhelmingly in favour of a draft 2017 budget that the European Commission has warned will breach EU rules on the management of public finances. 

Mr Renzi has said should his reforms be rejected, he would have no interest in running the country.

Luca Comodo, director at polling company Ipsos, told the paper voters think blocking the government's plans is a vote against the establishment and said: 'The south is where protest and rage are amplified.' 

The issue has provoked sharp exchanges in recent weeks with Renzi seen in some quarters as Brussels-bashing in the run-up to a December 4 referendum on constitutional reform, on which he has staked his political future.

New spending plans in the budget include two billion euros more for healthcare, one billion for education and measues to help small companies and poorer families.

Renzi said earlier this month that he would no longer bow to "diktats" from Brussels over fiscal restraints he regards as counterproductive at a time when most of the eurozone is struggling.

He has also threatened to block the approval of the EU institutions' collective budget if other countries do not offer Italy more help in coping with the arrival of thousands of migrants on its southern shores.

A 2017 deficit of 2.4 percent of GDP would leave Italy comfortably within the EU ceiling of three percent.

But the Commission's economists say Rome should bring down its deficit faster to ensure that the upward trend in the country's huge debt mountain - equivalent to over 130 percent of GDP - is reversed.

The 2017 budget law will only be definitively approved once it has been examined by the second chamber of parliament, the Senate, which has not scheduled any debate on it until after the referendum.

Former Italian Prime Minister Silvio Berlusconi cast his ballot to reject the reforms.

He shook hands with election officials and posed for photographers after voting in the capital, Rome.

Berlusconi's Forza Italia party is largely in disarray, with a tax fraud conviction keeping the 80-year-old centre-Right leader out of public office. 

Read more: http://www.dailymail.co.uk/news/article-3999764/Now-Italxit-Europe-battered-anti-establishment-revolt-polls-predict-landslide-defeat-Italian-PM-Mateo-Renzi-referendum-campaign-gift-power-populists-committed-taking-country-euro.html#ixzz4RvN46RGc