Rome 5 Dec (ANA)- Italian Prime Minister Matteo Renzi's heavy referendum defeat on Sunday has left the country facing political and economic uncertainty. Mr Renzi announced his resignation after his plan to reform the constitution was rejected by voters. Italy's president, who he will see later on Monday, will decide whether to appoint a new PM or hold elections. There are concerns the instability may trigger a deeper crisis for Italy's already vulnerable banking sector. A consortium organising a possible bailout for one leading bank, Banca Monte dei Paschi di Siena, is meeting on Monday to consider whether to pursue the rescue bid. With most ballots counted, the No vote leads with 60% against 40% for Yes, with a 70% turnout. Mr Renzi staked his political future on his attempt to change Italy's cumbersome political system. He wanted to strengthen central government and weaken the Senate, the upper house of parliament. His opponents - including some within his own party - had argued that the reforms would give the prime minister too much power. The electorate agreed.(ANA)

FA/ANA/5 December 2016-----