Early exit polls indicate that the "No" camp has won the Italian constitutional referendum by a decisive margin. This is in line with the pre-election polls which indicated that "No" was winning.
Polls for national broadcaster Rai and the La7 television channel both called the vote for the No camp by a margin of at least 54 per cent to 46 per cent for the Yes camp, and by an average of between 56.7and 43.3 per cent.
Voter turnout is currently estimated at 68.33%, and could top 70% when the final results are in. Italian Prime Minister Matteo Renzi is scheduled to give a press conference at 12:00 AM CET.
The result is significant because it means Renzi will most likely resign, leading to the formation of a new government and potentially a fresh round of general elections which might benefit euroskeptic political parties.
Italy is going through a banking crisis now, and many are worried that this may hamper the government's ability to deal with the crisis. The EU is also not stable right now, and this election creates a fresh source of instability.