Italian PM Matteo Renzi resigns after referendum defeat

Italian Prime Minister Matteo Renzi has formally resigned, three days after losing a key referendum on constitutional reform.

Mr Renzi had intended to stand down from office immediately after his defeat on Sunday, but agreed to delay his resignation after a personal plea from Italian President Sergio Mattarella.

In a statement, Mr Mattarella's office said that Mr Renzi has been asked to stay on as caretaker prime minister while consultations are held with political parties.

Following the consultations, which will begin on Thursday evening, Mr Mattarella is widely expected to ask a member of Mr Renzi's cabinet, or a politician from his Democratic Party, to try to form a new government.

Elections are due in 2018, but many politicians are calling for them to be held earlier.

Before formally tendering his resignation to the president, Mr Renzi chaired a meeting of the executive of his centre-left Democratic Party (PD).

Referencing the clamour for early elections, he said: "We are not afraid of anything or anybody, if other parties want to go to the polls ... the PD is not afraid of democracy or elections."