After facing defeat through popular votes, Italy's PM resigned from his post of Prime Minister but his departure is postpone for time being as Budget 2017 is still to be passed.

According to Italian media, "In an apparent bid to ease investor fears, the presidency said in a statement that Mattarella had "asked the prime minister to postpone his resignation" until the 2017 budget has been passed, a move expected by the end of the week."

Matteo Renzi, the youngest Italian PM ever, has resigned as his suggestions to streamline were rejected by a margin of 59-41 percent.

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