Italian Prime Minister Matteo Renzi formally handed in his resignation on Wednesday evening after the countrys 2017 budget bill passed in Senate.

He handed in his resignation to Italian President Sergio Mattarella in the evening. The resignation came three days after Renzi suffered a sounding defeat in a referendum on a cabinet-backed constitutional reform held on Sunday.

Renzi had already submitted his resignation on Monday, but was asked by the president to remain in office until Italys 2017 budget was approved, which happened Wednesday afternoon. 

His leaving the office now opened the way for the president to launch a round of talks with all party leaders in order to name a new prime minister, and form a new government.

Renzis cabinet would remain in office for handling the states administrative affairs, while the president "will start consultations at 6 p.m.(1700 GMT) on Thursday," said Secretary General to the Presidency of the Republic Ugo Zampetti.

Source: ANTARA