Story highlights Italy's constitution was drafted in 1948If the referendum doesn't pass, Prime Minister Matteo Renzi, has threatened to resign(CNN) Italians on Sunday cast their ballots for a crucial constitutional referendum that could drastically change the political landscape of the eurozone's third-largest economy. Center-left reformist, Prime Minister Matteo Renzi, called for changes to the constitution drafted in 1948 with the promise of stimulating Italy's sluggish economy and streamlining the country's legislators. Proponents of the referendum say that the goal is to make the job of governing Italy less complicated. JUST WATCHED Banks on edge ahead of Italian referendum Replay More Videos ... MUST WATCH Banks on edge ahead of Italian referendum 02:35Critics of the referendum say the changes would also abolish an important check on the lower house's power. Nearly 50 million Italians are eligible to vote in the referendum, according to the country's Ministry of Interior.

Source: CNN December 04, 2016 08:52 UTC