Dec 05, 2016 (LBO) – New Zealand Prime Minister John Key announced his resignation today backing his finance minister to take control saying it was the "right time" to leave politics.
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Key said he had no immediate future plans, but told media he would stay in Parliament long enough to avoid a by-election for his seat.
"It leaves the Cabinet plenty of time to settle in with a new Prime Minister before heading into election year with a proud record of strong economic management," Key said.
"I am hugely confident that National can and will win the next election."
Meanwhile Italian Prime Minister Matteo Renzi has also resigned after suffering a serious defeat in a referendum over his plan to reform the constitution.
Renzi told media that he took responsibility for the outcome and plans to tender his resignation to the Italian president.
With most ballots counted, the No vote leads with 60 percent against 40 percent for Yes.
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