Italian Prime Minister Matteo Renzi has said he will resign after losing a key referendum on constitutional reform, Sky news reported Monday.

Renzi had staked his future on a "Yes" vote, vowing to quit if voters rejected his plans - which opponents denounced as dangerous for democracy - to reduce the role of the country's Senate and take back powers from regional authorities.

The result plunges the country into political turmoil, with the effects likely to be felt on the markets and across the rest of Europe.

Source: MENA