Italy's Prime Minister makes shocking announcement - Italy's economic failures may deeply affect U.S. trade

'I'm very confident in the capacity of the eurozone to resist all kind of shocks.'

Italian Prime Minister Matteo Renzi announced he would resign Monday, leading many citizens questioning the fate of their country.

LOS ANGELES, CA (California Network) - Prime Minister Renzi attempted to amend Italy's 68-year-old constitution and was so certain the changes would benefit his country, he bet his career on it.

Rather than the majority vote, Renzi's campaign was disheartened to see 59 percent of voters rejected his amendments, all of which were created to overhaul the country's legislature to help ease lawmaking and encourage more stable governments.

The proposal would have extremely limited the Senate and drop its 315 directly elected members and five lifetime lawmakers in favor of a hundred-person limit, many of which being local officials.

Much of the opposition came from fear of overhauling the government would allow the executive too much power, while others took advantage of Renzi's promise to resign should the election conclude in failure.

So what will happen now that Renzi is resigning?

The conclusion of Prime Minister Renzi's leadership will likely bring Italy's efforts to change the Italian economy to an end.

European policy makers and other government leaders believed Renzi's efforts agreed with Renzi's efforts but many citizens, particularly those living in areas with the highest unemployment rate, never saw the benefits of Renzi's changes thus far, leading them to vote against his constitutional reform.

If the EU economy continues to move downhill, what happens to the United States economy, which trades heavily with the EU?

Should the U.S. be affected, all other nations in the EU would suffer as well.

Regardless, in a televised address to the nation following early voting results, Renzi explained he accepted full responsibility for the "extraordinarily clear" defeat then stated, "The experience of my government ends here."

Business owner Raffaele Pasquini told AFP he voted for Renzi's call for change. He explained, "We are voting to try and change a country that has been stalled for far too long."

Meanwhile, the far-right believes Renzi's resignation is a blessing for the country. They believe Renzi is responsible for the inconsistent economy and tens of thousands of migrants from Africa to Italy.

Matteo Salvini, the leader of the far-right Northern League, called for Renzi to resign immediately, then pushed for early elections to replace the Prime Minister.

"God willing it's over," Salvini stated. "A new era starts tomorrow I hope."

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