Italy’s top court OKs public vote on political overhaul

simply say "Yes" or "No" to Renzi as the country's leader.

Despite tensions even within his own Democratic Party, Renzi said last week that he is confident his government will win the referendum.

“I am sure we (will) win,” he told CNBC news.

“This referendum is about the future of the country and I am sure the Italian people, if (they) read the question in the ballot in the electoral place, will vote for change."

Read more: Renzi vows to win vote on which he staked leadership

In a report last month the political risk consultancy firm, Eurasia Group, said the referendum had a 60 percent probability of passing, but added that the polls have narrowed sharply since April.

A ‘No’ vote could cause Renzi’s government to collapse, the report added.

"A debilitated Renzi would come under intense pressure to resign; he may himself not wish to cling on to power."

The vote is expected to be held in either October or November.