Matteo Renzi was roundly defeated in a referendum to change Italy’s constitution, marking a major victory for anti-establishment and rightwing parties and plunging the eurozone’s third largest economy into political chaos. The prime minister conceded defeat in an emotional speech at his residence, Palazzo Chigi, and said he would submit his resignation to Italy’s president, Sergio Mattarella, on Monday afternoon. “My experience in government ends here … I did all I could to bring this to victory,” Renzi said. “If you fight for an idea, you cannot lose.” It was a not an unexpected defeat but it was nevertheless a humiliating one, with 59.1% of Italians voting against the proposed reforms, which would have made sweeping changes to Italy’s constitution and parliamentary system. Pointing to the high voter turnout – 65% of eligible voters cast ballots in the referendum – Renzi said the vote represented a “feast of democracy”.