European markets brace for fallout as Italian PM suffers referendum defeat

Euro falls to 20-month low

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Photo: Khamenei.ir/Creative Commons
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Photo: Khamenei.ir/Creative Commons

The euro fell to levels last seen in March 2015 last night as Italian Prime Minister Matteo Renzi said he would resign after suffering a worse defeat than expected in the country's referendum on constitutional reform.

With most ballots counted in Sunday's referendum, Italy voted by 60% to 40% to reject Renzi's (pictured) proposals to greatly reduce the power of the Italian Senate in order to simplify and speed up the...

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