Italy's Prime Minister Matteo Renzi At Presidential Palace To Offer Resignation

Rome, Italy: Italian Prime Minister Matteo Renzi arrived at the presidential palace in Rome late Monday to formally offer his resignation following a crushing referendum defeat.

President Sergio Mattarella is expected to either accept his resignation, ask him to stay on for a few days to pass the country's 2017 budget, or appoint a caretaker leader until elections can be held in the eurozone's third largest economy.

Renzi, who had spent an hour with Mattarella earlier to discuss his options, arrived by car at the Quirinale Palace, the historical presidential residence which used to house popes and sits on the highest of Rome's seven hills.

The downcast 41-year old former mayor of Florence had told the country after his defeat at Sunday's referendum on constitutional change that "my experience of government finishes here".

But Italian media reported that Mattarella may ask him to stay on until Friday to pass the budget and ease European and investor fears of political and economic instability in the debt-laden country.