Such an administration is seen as more likely than fresh elections because a No vote will mean a recent reform of the electoral system, which is linked to the streamlining of parliament, will have to be amended before a nationwide vote can take place.
Luca Comodo, director at polling company Ipsos, says most voters believe that rejecting Mr Renzi's plans is a vote for change, particularly in southern regions where the economic damage inflicted by the deep recession that followed the global financial crisis hit voters particularly hard.
"Four million people who have a right to vote and who live overseas all of a sudden have become very important, because they could possibly determine who wins this referendum". Mr Mingardi said the political establishment is anxious that the beneficiaries of an election would be the populist Five Star Movement.
The reforms aim to reduce the size and power of the senate, which now carries as much weight as the country's lower house. The doldrums continued in the wake of Donald Trump's surprise presidential victory in the States in early November.
In the past, Five Star's Grillo has called for a referendum on whether Italy should keep the euro, and to reconsider the country's role in the EU.
In Italy, two populist parties have opposed the Prime Minister's proposed reforms. The referendum also aims to erase the many overlaps in power between federal and regional governments, making the latter weaker.
Disappointing season just keeps getting worse for Arizona
If they can take some momentum into next week's game against the Kansas City Chiefs, they could still be a factor in the NFC. From being waived by the Browns to scoring touchdowns in four straight games for Atlanta, it's been a wild ride for Gabriel.
Mr. Renzi's statements that he will resign if the ballot - which is created to streamline Italian government - fails has markets concerned that this might open the door to the opposition 5-Star Movement, which has denounced the single currency.
These are the Five Star Movement (M5S) and the Northern League.
What are the possible consequences of the referendum? It is vague regardless of whether Renzi will remain down, as he has over and again changed his position in the number one spot up to the submission, apparently thinking that it's hard to choose what to do after the vote. Before that happens, some sort of technocrat government will be cobbled together until elections are held in 2018.
Should the No vote win, it is not clear what Mr Renzi will do.
"A systemic solution to the banking sector could be a chance of turning the current growth-banks-politics vicious circle into a virtuous one and revitalize the reform process", the report said. Add to that rising Euroskepticism, and the result is an intoxicating political brew. With political risk on the rise around the world, investors need to consider the possible consequences of each political event in order to determine whether the market reaction is warranted.
The 2017 budget law will only be definitively approved once it has been examined by the second chamber of parliament, the Senate, which has not scheduled any debate on it until after the December 4 referendum.