The Latest: Berlusconi votes in Italy, planned to vote 'No'

Former Italian Premier Silvio Berlusconi casts his ballot at a polling station in Rome, Sunday, Dec. 4, 2016.Italians are voting in a referendum on constitutional reforms that is being closely watched abroad to see if Italy is the next country to reject the political status quo. Premier Matteo Renzi has said he would resign if the reforms are rejected in Sunday’s vote, and opposition politicians have vowed to press for a new government if voters reject the proposed constitutional changes. (AP Photo/Gregorio Borgia) (The Associated Press)

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A man casts his ballot as a map of Italy is seen in background at a polling station in Rome, Sunday, Dec. 4, 2016.Italians are voting in a referendum on constitutional reforms that is being closely watched abroad to see if Italy is the next country to reject the political status quo. Premier Matteo Renzi has said he would resign if the reforms are rejected in Sunday’s vote, and opposition politicians have vowed to press for a new government if voters reject the proposed constitutional changes. (AP Photo/Gregorio Borgia) (The Associated Press)

Ballots are being put on a table at a polling station in Rome, Sunday, Dec. 4, 2016. Italians are voting in a referendum on constitutional reforms that is being closely watched abroad to see if Italy is the next country to reject the political status quo. Premier Matteo Renzi has said he would resign if the reforms are rejected in Sunday’s vote, and opposition politicians have vowed to press for a new government if voters reject the proposed constitutional changes. (AP Photo/Gregorio Borgia) (The Associated Press)

MILAN – The Latest on Italy's referendum on constitutional reforms (all times local):

11 a.m.

Former Italian Prime Minister Silvio Berlusconi has cast his ballot in the referendum on constitutional reforms that is being closely watched abroad to see if Italy is the next country to reject the political status quo.

The former three-time premier has said he would vote "No." He shook hands with election officials and posed for photographers after voting in the capital, Rome.

Berlusconi's Forza Italia party is largely in disarray, with a tax fraud conviction keeping the 80-year-old center-right leader out of public office.

Premier Matteo Renzi says he will resign if the reforms are rejected, and opposition politicians have vowed to press for a new government if voters reject the proposed constitutional changes.

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8:05 a.m.

Italians are voting in a referendum on constitutional reforms that is being closely watched abroad to see if Italy is the next country to reject the political status quo.

Premier Matteo Renzi says he will resign if the reforms are rejected in Sunday's vote, and opposition politicians have vowed to press for a new government if voters reject the proposed constitutional changes.

The risk of political instability has triggered market reaction before the vote, with bank stocks sinking and the borrowing costs on sovereign debt rising.

The referendum aims to streamline Italy's cumbersome lawmaking process by reducing the powers of the Senate while also removing some key decision-making powers from regions.

Polls are open Sunday for 16 hours starting at 7 a.m. (0600 GMT).