Rome, - Italian Prime Minister Matteo Renzi announced early Monday that he will tender his resignation after admitting defeat in Sunday's referendum.

According to projections, 59% of people who cast ballots on Sunday said 'no' to a plan backed by Renzi that would have overhauled Italy's legislature to make it easier to pass laws, including measures meant to make the country more competitive.

In response, Renzi said he will go to Italian President Sergio Mattarella Monday to tender his resignation.

Source: Qatar News Agency