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Here we publish the election results, exit polls data, referendum sentiment across the European Union (EU) and the latest from Italian Prime Minister Mr Renzi. The Italy referendum, in which two-thirds of eligible voters or 33million Italians cast ballots, triggered a shock wave across Europe much like Britain's decision to leave the EU - otherwise known as Brexit. Mr Renzi announced his resignation 90-minutes after polls closed late on Sunday night after honouring his promise to step down if voters disagreed with his efforts to change the constitution to streamline the country's system of government. "No" won an overwhelming 59.1 per cent of the vote while "Yes" - Mr Renzi's position - lost with 40.9 per cent, according to the final count. Financial markets have taken a tumble worldwide as they brace themselves for fresh volatility amid fears his fall could spark a run on Italy's totering banks, further weakening the euro. Italian president Sergio Mattarella is now tasked with the decision over what happens next, with his options including appointing a head of government with the support of the current majority or a new enlarged majority - which is the most likely - or triggering a snap election, which is highly unlikely after recent electoral reform means the leading party has a parliamentary majority. The vote came on the same night Austrians arrived at the the polls to vote in the Austria presidential election, which saw far-right leader Norbert Hofer defeated by independent candidate Alexander Van der Bellen.

GETTY Matteo Renzi is hoping for a Yes vote in the Italian referendum

8.15pm update: The euro jumped against the US dollar after Mr Renzi's referendum loss, a defeat that traders had widely expected. Shahab Jalinoos, global head of FX strategy at Credit Suisse in New York, said: "The market had a lot of time to prepare for a no vote ... there is nothing as yet imminently more negative than what the market had anticipated.” Expectations that the European Central Bank (ECB) will hint at reducing its bond purchase program when it meets this Thursday is also seen as adding to strength to the single currency. Mr Jalinoos said: "The imminence of the ECB meeting is another factor that has led to the recovery of the euro today.” The euro gained 0.96 percent to $1.0774, after earlier rising to $1.0796, the highest since Nov. 15. It briefly weakened to $1.0503, the weakest since March 2015, in the immediate aftermath of the Italian vote. 7.25pm update: President Sergio Mattarella told Prime Minister Matteo Renzi to put his planned resignation on hold until parliament had approved the 2017 budget, which could be done as early as Friday. Mattarella's office said in a statement that the prime minister had told him he could no longer remain in power. The president told him he should stay in place until the budget was passed to prevent emergency funding rules from kicking in on January 1. Once the budget is passed, Mr Renzi has been told he can hand in his resignation, the statement added. 7.04pm update: The Italian President has rejected Mr Renzi’s resignation. Mr Renzi has been asked to delay his resignation until the Italian budget is passed by Parliament. The budget is expected to be approved within days. 6.50pm update: Mr Renzi’s resignation could open the door to elections next year and to the possibility of the opposition 5-Star Movement gaining power in the heart of the single currency area. 5-Star, which campaigned hard for a 'No' vote, wants to hold a referendum instead on membership of the euro. The new prime minister, who will need the backing of Mr Renzi’s Democratic Party to take office, will have to draw up a new electoral law, with 5-Star urging a swift deal to open the way for elections in early 2017, a year ahead of schedule. "From tomorrow, we will start work on putting together 5-Star's future programme and the team of people that will make up a future government," said Luigi Di Maio, tipped to be the group's prime ministerial candidate. Opinion polls put 5-Star neck-and-neck with the Democratic Party.

EPA Renzi arrives by car at the Quirinale presidential palace

6.46pm update: The final count says ”No" won an overwhelming 59.1 percent of the vote. About 33 million Italians, or two-thirds of eligible voters, cast ballots following months of bitter campaigning that pitted Renzi against all major opposition parties, including the anti-establishment 5-Star. 6.42pm update: Accepting defeat earlier today, Mr Renzi said: “My experience of government finishes here.” But the Italian premier could be offered a lifeline. President Sergio Mattarella is expected to either accept Mr Renzi's resignation, ask him to stay on for a few days in order to pass the country's 2017 budget, or appoint a caretaker leader until elections can be held in the eurozone's third largest economy. 6.15pm update: Mr Renzi has been photographed arriving at the Quirinale presidential palace to meet Italy's President Sergio Mattarella to formally offer his resignation. Earlier today Mr Renzi said: “My experience of government finishes here.”

AFP GETTY Earlier today Mr Renzi said: “My experience of government finishes here.”

5.59pm update. More from the US now, with the White House saying the impact of the referendum remains to be seen. White House spokesman Josh Earnest said: "I would warn against painting with an overly broad brush about the potential consequences of this outcome.” He also warned against drawing too close comparisons between Brexit and Donald Trump’s election win. Mr Earnest said: "Each of these is different. There are some broader trends that are worthy of analysis but there's a risk of oversimplifying that analysis.” 5.48pm update: White House says the US and Italy maintain an important relationship. 5.46pm update: As Mr Renzi prepares to hand in his resignation, it is worth noting how he took office in 2014 promising to shake up Italy. He presented himself as an anti-establishment "demolition man" determined to crash through a smothering bureaucracy and reshape creaking institutions. However, his economic policies have made little impact, and the 5-Star Movement has claimed the anti-establishment banner, tapping into a populist mood that has swept the EU.

AFP/ GETTY Journalists wait for the arrival of Renzi in front of the Quirinale presidential palace in Rome

5.40pm update: Looking to the Italian banks after ‘No’ won an overwhelming 59.1 percent of the vote, according to the final count. Italy's banking sector - which is weighed down by more than 350 billion euros of bad loans - was down about 3 per cent at 4.10pm GMT. Monte dei Paschi shares closed down 4.2 per cent after as a consortium of investment bankers met to discuss a capital increase to raise 5 billion euros which the lender needs by the end of the month to avoid being wound down. Yields on Italy's benchmark 10-year bond initially soared to more than 2.07 per cent, but then retreated back below 2 per cent. 5.30pm update: Mr Renzi has called a Cabinet meeting after which he says he will formally tender his resignation. 5.25pm update: With speculation over what the referendum will mean for Italy's future as a member of the EU, an unlikely Twitter row has broken out. Singer Ellie Goulding has kicked off a fiery online row with Katie Hopkins over the idea of Italy leaving the EU. It appears that Miss Goulding threw the first punch, telling the columnist to "delete her account" after she posted an "Italia Exit EU" graphic with the caption: "ITALEXIT!! Another one falls - welcome back to the lira. Ciao ciao to the E.U. ...how's your day going Miss Merkel?" Mrs Hopkins made a personal hit back at the comment, posting: "Ellie. It is never going to happen. Stop talking now lovely, that pitch sets the dogs off." But Miss Goulding took things a step further, apparently suggesting a physical fight as she posted a picture of a rubbish bag in a tweet reading: "Taking the trash out, suitably apt #ByeKatie #Fancysomesparring."

TWITTER Katie Hopkins and Ellie Goulding got into a heated row over Italian politics on Twitter

EPA A Renzi figurine holds a suitcase and a placard saying 'I resigned'

5.05pm update: It is unclear if Mr Renzi will have enough support in his Democratic Party (PD) to remain party leader - a role that could give him a say in who becomes the next prime minister. Economy Minister Pier Carlo Padoan, who has pulled out of meetings with European finance ministers in Brussels this week, is viewed as a possible candidate for prime minister. Senate President Pietro Grasso and Transport Minister Graziano Delrio have also been tipped as potential premiers. 4.56pm update: Italian President Sergio Mattarella issued a statement on the referendum. He said the high turnout was a "testimony of a solid democracy and a passionate country capable of active participation." "Before us there are commitments and deadlines which Italy's institutions will have to respect in order to provide an adequate response to the problems of the moment," he added. 3.15pm update: Downing St has said Britain will "work closely" with the new administration in Italy which emerges after the resignation of Prime Minister Matteo Renzi in the wake of his referendum defeat. 3.05pm update: The euro recovered from earlier weakness against the US dollar on Monday after Mr Renzi's loss in a referendum over constitutional reform was seen by traders as largely expected and recent euro weakness was seen as having run too far. The single currency tumbled as much as 1.4 percent in Asian trade to hit $1.0719, its weakest since March 2015, before recovering to $1.0709, up 0.43 percent on the day. Mark McCormick, North American head of foreign exchange strategy at TD Securities in Toronto, said: "There's not a large political implication for the euro and the euro is also very overextended."

Il Tempo Italy's Il Tempo says the country has "scrapped the scrapper"

3pm update: German Chancellor Angela Merkel said she was saddened by Italian Prime Minister Matteo Renzi's defeat. Mrs Merkel had supported the referendum on constitutional reform but she added the vote was a domestic matter that must be respected. Many investors are looking to Merkel for leadership in Europe, fearing instability could reignite a sovereign debt crisis at a time when the EU is struggling with Britain's decision to leave and support for populist or right-wing parties is on the rise. The German Chancellor said: "I am sad that the referendum in Italy did not turn out as the prime minister wished because I always supported his reform policies but it is of course a domestic Italian decision that we must respect." 1.20pm update: Mr Renzi's emotional, midnight resignation announcement sent the euro lower and jolted stock and bond markets on concerns that early elections could follow, possibly paving the way for an anti-euro party, the 5-Star Movement, to come to power. Financial markets bounced back later in the morning as European officials played down the prospect of a broader euro zone crisis, but Italy's fragile bank sector had dropped more than 4.7 percent at 1.20pm GMT. 12pm update: Mr Renzi has been seen returning to the Palazzo Chigi, his official residence, after talking to President Mattarella. Italians are now waiting for the President to announce Mr Renzi's resignation. 11.30am update: Mr Renzi has gone to the Palazzo Quirinale, one of three official residences of the Italian President, for a one-hour meeting with President Mattarella in which he is expected to formally resign. 10.00am update: Jeroen Dijesselbloem, the Dutch President of the Eurogroup of eurozone ministers, was not quite as upbeat as his colleagues. As he went into today's meeting, he said political instability makes it more complicated for Italy and the eurozone. Better news though for Italy at 10am, with shares rising as investors bet against an immediate snap election and US futures pointing to a rise of about 0.5 per cent at the opening of Wall Street. 09.30am update: Germany's finance minister Wolfgang Schäuble has chipped in, saying he has spoken to his Italian counterpart and adding Italy should continue the economic reforms begun by Mr Renzi. Speaking as he arrived at the eurozone finance ministers meeting, he said he believed it was important for Italy to now have a functioning government and he saw no grounds for there to be a crisis for the euro currency. He added investors should be "relaxed" about the Italian referendum as he became the latest European politician to say the vote was a domestic issue. 09.10am update: Italy's finance minister Pier Carlo Padoan has cancelled a trip to Brussels this morning to join his eurozone colleagues. He has been heavily tipped as a potential successor to Mr Renzi, along with Senate Speaker Pietro Grasso and Culture Minister Dario Franceschini. 09.00am update: Politicians across the EU are keen this morning to let the world know the Italian referendum was NOT about the country's membership of the bloc. France's finance minister Michel Sapin is the latest, saying the Italian referendum was not about the EU as it was a domestic issue and "Italy is a solid country". Addressing the fall in the euro, he said previous strength had "not necessarily" been good for European exporters and the exchange rate largely reflected strength in the dollar.

REUTERS Matteo Renzi looks dejected as he confirms he will step down as Italy's Prime Minister

08.40 update: Italian banks are down five to six per cent this morning, according to traders. European banks were also seen down two to three per cent. Morgan Stanley wrote to clients this morning saying state aid at Banca Monte dei Pashi looked incresingly likely, adding the "No" vote made it more difficult for Italy's third-largest bank to find an anchor investor. 08.30am update: Talking ahead of a meeting of euro zone finance ministers in Brussels today, the European Economics Commissioner, Pierre Moscovici, said: "It's a solid country with solid authorities and I have complete confidence that Italy can handle this situation. "There is some political instability but the country is extremely stable and it's also a big economy. "I am confident there will be no such crisis. We have the means to resist any kind of political shock in Europe." He dismissed suggestions the referendum had been a vote against the European Union, saying: "Nothing to do with it. ”It's a domestic constitutional amendment in Italy which has not managed to get through." 08.00am update: Newspaper front pages across Europe feature Mr Renzi's resignation, with Italian papers going to town over his self-enforced downfall. Il Tempo calls him his nickname, "rottamatore", in reference to his ambition to change the constitution. The Italian daily also says voters have "scrapped the scrapper". Il Manifesto leads with "Bello ciao" - goodbye beautiful - in reference to the 41-year-old's youthful looks. British newspapers lead with the Italian Prime Minister's resignation plunging the eurozone into crisis.

REUTERS Mr Renzi delivers a speech from Palazzo Chigi confirming he will resign as Italy's Prime Minister

07.30am update: The euro has fallen to a 20-month low after Asian markets opened earlier, despite markets overnight taking some encouragement when Austria's far-right presidential candidate was soundly defeated. European markets were set to open down 0.6 per cent, with the FTSE set to start the day 0.4 per cent lower as investors brace for turbulence and political crisis in the eurozone' heavily indebted third-largest economy. 07.00am update: According to Italy's Sky TG24 who referenced Quorum pollsters, younger voters between 18-34 year olds opted for 'no' by 81 per cent. For the age group 35-54, 67 per cent chose no. Only the 55+ voters went for yes with a majority of 53 per cent. Nigel Farage wrote on Twitter: "Hope the exit polls in Italy are right. This vote looks to me to be more about the Euro than constitutional change.”

05.30am update: European Central Bank policy maker Francois Villeroy de Galhau said the Italian referendum defeat cannot be compared to Brexit. He said: "It cannot be compared to the British referendum: Italian people have been called to the polls ot vote on an internal consitutional matter, and not on Italy's long-standing EU membership." 01.00am update: Just hours after voters left the ballot boxes the euro has skidded to a 20-month low, slumping to as low as $1.0505 in early Asian trade after opening at around $1.0685, pulling back up to $1.0562. The drop was the sharpest fall since June's Brexit result in the UK. 00.46am update: If you’re just joining us, here are the headlines: Italian Prime Minister Matteo Renzihas resigned after conceding defeat after exit polls showed a majority of Italians voted "No" in the country’s momentous referendum. Renzi had staked his political career on the result of the referendum on constitutional reform and promised to resign while the "Yes" vote was well ahead in the polls, but his promise has now backfired. He announced at the press conference that his “experience of government finishes here” and will step down tomorrow afternoon. Read more about what this means for Italy HERE

XE.COM The graph shows the Euro's drop in value against the dollar in the wake of the referendum result

Twitter The turnout has been high across Italy as they go to the polls

00.25am update: With almost three-quarters of the votes counted, the ‘NO’ votes stand at 59.4 per cent with the ‘YES’ votes significantly behind with just 40.6 per cent. 00.22am update: Founder of Italy’s populist Five Star Movement, Beppe Grillo, has called for an election “as soon as possible” following the announcement that the prime minister will resign. He wrote: “The response of the Italian as turnout and how indication was clear. The regime's propaganda and all his lies are the first losers in this referendum. Times have changed. Sovereignty belongs to the people, now we start to really apply our Constitution. “This vote has two important consequences. 1) Goodbye Renzi 2) The Italians are to be called to vote as soon as possible.” 00.06am update: The euro is reportedly at a 12-month low against the dollar in the wake of Mr Renzi’s resignation announcement as the world waits for more clarification regarding Italy’s immediate future. 00.03am update: "The experience of my government ends here," said Mr Renzi, with early results suggesting he may have lost the referendum by as much as 20 points.

TWITTER Mayor of Rome and Five Star Movement member Virginia Raggi tweeted that Italians have "won"

PD headquarters in Rome, hopefully gearing up for a Renzi appearance pic.twitter.com/v3IoMXa0za — Megan Greene (@economistmeg) December 4, 2016

00.01am update: During his speech, Mr Renzi said he would tell a Cabinet meeting on Monday afternoon that he intends to resign before tendering his resignation, ending his two-and-a-half year tenure as Italy’s leader. 11.39pm update: "I will resign. The whole country knows that they can count on that of the President Mattarella." - Italian Prime Minister Matteo Renzi. 11.36pm update: Mr Renzi says he “takes full responsibility” for the referendum defeat, delivering on his promise to resign if he lost the vote. 11.28pm update: Matteo Renzi has confirmed he will resign as the Italian Prime Minister after losing a historic referendum on constitutional reform. 11.21pm update: Mr Renzi has just tweeted to thank his supporters “anyway”, writing: “Thanks everyone, anyway. In a few minutes I will be live from Palazzo Chigi. Long live Italy! “PS I’m coming”.

TWITTER/PIERO PELU A voter has complained the pencils used on the ballots can be erased

XE.COM The Euro has seen a huge drop against the Pound over the past few hours

10.34pm update: "Renzi is going to go and with him the powerful lobbies who were also defeated," said Renato Brunetta, the parliamentary leader of former prime minister Silvio Berlusconi's centre-right Forza Italia (Go Italy!) party. While Matteo Salvini, the head of the rightist Northern League party, said Renzi should resign "in the coming minutes" and called for early elections. 10.27pm update: After voting Beppe Grillo, founder of the anti-euro 5-star Movement which backs a 'No' vote, said the country needed to go to new elections as soon as possible. 10.22pm update: The euro immediately fell against the dollar on the exit polls, slipping to $1.0580 from $1.0625. 10.21pm update: The lower house leader of Silvio Berlusconi's Forza Italia Party says Italy referendum result means Renzi must resign, says Reuters. 10.18pm update: An exit poll by the Piepoli Institute/IPR for state television station RAI, estimated those voting 'Yes' to back the reform at 42-46 percent, compared with 54-58 percent for 'No'.

10.12pm update: Pollsters EMG have released the following prediction: Yes 41-45%, No 55-59% 10.06pm update: Polls are predicting that Mr Renzi will not win his vote, Reuters is reporting he will lose by a "clear margin". 9.30pm update: If those who like a flutter are anything to go by then the No vote has turned out in a spectacular fashion. Just half an hour before the polls close, Smarkets are saying that 72% of their bets were targeted to the no camp. If this is the case then it's arrivederci Mr Renzi! A Smarkets spokesman said: "After a year of shocks in political betting, could Renzi end up getting enough yes votes to win the referendum? "Van der Bellen's victory in Austria was not expected, so eyes now turn to Italy to see if they too buck the trend." 9.00pm update: Italy’s prime minister who has been in a jovial mood today will address the nation at around midnight or 11pm UK time, according to Reuters. This will be approximately on hour after the polls close. No definitive result is expected until the early hours of the morning. Mr Renzi says he will quit if the country does not back his ambitious plan.

AFP Nearly 60 per cent of Italians have voted in the critical referendum

8.24pm update: In large cities the largest turnout for the referendum was recorded in Milan, where at 7pm voted 60.9% of those eligible. In Rome, the voter turnout was 55.9%, while there was 57.3% in Turin. There was lower turnout in the south: in Naples voted 42.9%. In Palermo it went to the polls 47%. Among other capitals registering their records were Florence which had a 67.3% turnout and Bologna where 65.3% turned out. In Bari 52.2% turned out; Catanzaro turnout was 49%, in Reggio Calabria of 46.8%; Cagliari voted 54.2%. 8.19pm update: Mr Renzi has lauded the vote and says no matter the outcome he will wake up tomorrow with a smile on his face. Newspaper La Stampa quoted him as saying: “Italians have participated in decisions that affect our country and that is a beautiful thing. We will wake up tomorrow with a smile, whatever happens, because we have made our contribution to the future of Italy.” 7.55pm update: 46,714,950 voters are eligble to vote, distributed in 7,998 municipalities and 61,551 polling stations in the country.

TWITTER Martin Schulz's congratulated Van Der Bellen on his win

7:45pm update: Elsewhere, Donald Tusk has sent his "warm" congratulations to Van Der Bellen. The President of the European Council tweeted: "Warm congratulations to @vanderbellen on his election as President of Austria. Keeping European unity is essential". 7:43pm update: Sardinia, North-East and East Sicily have seen the biggest increases in turnout since 2014. While the North East, Lombardy and East Sicily report the highest turnouts 7:40pm update: Experts say the result is too close to call as pollsters predicted lower turnout numbers, so their predictions may be out. 7:21pm update: Controversy was sparked after an Italian voter claimed the pencil used to vote on the ballot could be erased. However the nation's Interior ministry has strongly rejected claims of voter fraud insaying the pencils are "indelible".

TWITTER Italy's foreign minister thinks the Van Der Bellen victory is a good thing for the EU

7:12pm update: Five Star Movement leader, Beppe Grillo, has spoken after casting his vote in Genoa. The comedian turned anti-establishment leader told Sky News: “We’ve done a great job, so if we were to lose it is important not to put the blame on anybody because everyone worked has perfectly well. "It would mean Italians have chose something different. We will respect this Government." 6:55pm update: Turnout has now jumped to 55.8 per cent nationally, with electorate numbers high in Lombardy, province of Bergamo, which now has the highest in the country at 67.8 per cent. By 7pm (6pm GMT) more than 57 per cent of Italians had gone to their polling stations, the Interior Ministry said, above the 42 per cent registered at the same time in the May 2014 during the European parliament elections, when Renzi's Democratic party drummed up high support.

TWITTER Turnout was nearly 55 per cent at 7pm (6pm local time)

TWITTER Italians are said to be fired up by the momentous constitutional referendum

6:46pm update: The former UK ambassador to Italy has said the eurozone will come under pressure if Matteo Renzi resigns in the wake of the critical vote. 6:36pm update: EU bigwig Martin Schulz has also congratulated Van Der Bellen on his win. He also took a swipe at the rise of populist politics, describing it as "backward-looking". The president of the EU parliament tweeted: "Congratulations to @vanderbellen, who won the presidential election with a clear pro-European message and campaign. "#vanderbellens victory is a heavy defeat of nationalism and anti-European, backward-looking populism #bpw16".

EPA Rome's Mayor Virginia Raggi casts her ballot

GETTY Rome's Mayor Virginia Raggi leaves the polling station after voting

6:29pm update: Meanwhile, Germany's foreign minister, Frank-Walter Steinmeir also reacted, tweeting: "The whole of #Europe has breathed a sigh of relief." 6:17pm update: Italy's foreign minister, Paolo Gentiloni has hailed Van Der Bellen's defeat of Norbert Hofer as a victory for the EU on Twitter. He tweeted:"#VanDerBellen Victory in Austria is really good news for Europe." 6:11pm update: Nearly 55 per cent of the Italian electorate have voted in the nailbiting referendum as of 7pm (6PM GMT). 5:58pm update: Embarrassing footage has emerged of Matteo Renzi forgetting his ID card as he arrived at the polling station. The Italian premier clearly had other things on his mind...

EPA Five Star leader Beppe Grillo casts his ballot in a polling station in Genoa, Italy

5:45pm update: More than 20 per cent of the electorate had not yet made up their minds in the last polls published pre-referendum. Mr Renzi called on his supporters to go to door to convince the undecided in his closing campaign rally in Florence on Friday. 5:31pm update: Rome's Mayor Virginia Raggi was pictured leaving a polling station in Italy's capital city of Rome after she voted in the constitutional referendum. Italy's eurosceptic anti-establishment party, Five Star Movement, achieved a breakthrough victory after the female lawyer made history to become the first woman mayor of Rome. The 37-year-old won a landslide victory claiming 67 per cent of the vote. The result represented a major breakthrough for the party which is harnessing public anger at official corruption.

EPA President Sergio Mattarella arrives in Palermo, Italy

5.15pm update: Five Star movement leader Beppe Grillo has cast his vote in Genoa. He hopes to make gains from a 'No' victory. Britain’s momentous decision to sever ties with Brussels was celebrated by his anti-establishment and Eurosceptic party. Five Star Movement, founded by comedian Mr Grillo, has now become the most popular party in Italy after it won a quarter of the national vote in 2013 and earlier this year clinched the mayoral seats in Rome and Turin. If Mr Renzi's proposals are defeated, opposition parties who are determined to push forward a breakaway from Brussels, and with Brexit increasing anti-EU sentiment across the continent, it is feared they will prepare for a fight to topple the Union.

GETTY A man casts his ballot in a polling station in Rome

5:11pm update: Italian President Sergio Mattarella has arrived at a polling station in Palermo, Italy 5:08pm update: Market jitters have concentrated on Italy's banks, saddled with €360 billion euros (£301 billion) of bad loans, and most specifically on Monte Dei Paschi di Siena, its oldest and third largest lender. The bank needs to raise €5 billion (£4.19billion) by the end of the year to plug a capital shortfall or risk being wound down. Government officials say potential investors may be deterred by political instability if 'No' should win. 5pm update: The result of exit polls will be announced as soon as voting ends and the count begins at 11 pm(10pm GMT). After around 30 minutes, the first projections of the result will be announced on the basis of actual votes counted. If the result is not close, the winner could be clear after the second projection, some time between midnight and 1 am. In a very close race, the winner may not be known until the count is completed, probably between 2 and 3 am.

GETTY A 'No' vote was leading in previous surveys

4.53pm update: With bookmakers' odds suggesting a 75 per cent chance of a win for 'No', speculation is rife about what Mr Renzi will do in the event of defeat. He is widely expected to resign, but some of his allies have urged him to stay in power regardless of the result. 4.46pm update: After an uexpected early vote in Austria, we're back to Italy. All surveys published in Italy in the month before a blackout was imposed on November 18 put the 'No' camp ahead. But private polls have continued in the last two weeks and bookmakers say 'No' remains the clear favourite to win. However, in the final days of frenetic campaigning Mr Renzi insisted the public mood was changing, focusing his attention on the millions of Italians who said they were undecided.

EPA Norbert Hofer has conceded

4:35pm update: Mr Hofer has conceded in a shocking Facebook message. Read here for more updates on the Austrian presidential election. 4.26pm update: Public service broadcaster ORF declared Van der Bellen as the victor having taken 53.6 per cent of the vote. While Hofer claimed 46.4 per cent. 4.23pm update: Exit polls indicate Alexander Van der Bellen has claimed victory over anti-Islam party leader Norbert Hofer.

GETTY A polling station in Rome

4:15pm update: In Austria, the polls have closed in the knife-edge election 4:08pm update: Turnout, expected to be 50 to 60 per cent, could be crucial. Pollsters say lower participation could favour Mr Renzi, as hostility to his reform is strongest among young voters and those in the poor parts of the south. A turnout above 60 percent could also make the result more unpredictable as it would suggest many voters who said they planned to abstain ended up going to the polls. Luca Di Giovanni, 36, who runs a newsstand in Rome, said: "It's very hard to decide. "Yes is a vote for change, which should be good, but the issues are complicated and I'm not sure that I trust Renzi."

AFP Silvio Berlusconi waves to the cameras

4.02pm update: Italians living abroad have voted by post over the past few days and the ballots have been flown to a hangar on the outskirts of Rome. 3:55pm update: Around 51 million Italians are eligible to vote on Renzi's plan to drastically reduce the role of the upper house Senate and claw back powers from regional authorities. By noon, 20 percent of citizens had voted, the Interior Ministry revealed. More than the 17 percent who had cast ballots by the same time in May 2014 for the European Parliament election.

EPA Silvio Berlusconi casts his vote in Rome

3.38pm update: Former Italian premier Silvio Berlusconi casts his ballot in a polling station in Rome. It comes after he urged Italians to defy Mr Renzi and vote 'No' in the constitutional referendum because a 'Yes' vote would signal the end of democracy. He wrote: "We will vote for a strong and responsible ‘no’ to the reform of Renzi’s government that divides Italy in two, which will not bring useful changes to Italians. It could only give all the power to one man and one party. “We will no longer have a democracy."

AFP Matteo Renzi and his wife cast their vote

AFP Matteo Renzi casts his ballot