Italian Premier Matteo Renzi is opening his final days in office by meeting with his party members, as opposition leaders jockey for position following his resounding defeat in a weekend referendum.

Renzi will address his Democratic Party later Wednesday. The Senate, meanwhile, begins debating the 2017 budget, passage of which will trigger his official resignation.

Italian President Sergio Mattarella had asked Renzi to stay on until the crucial budget law clears before he begins consultations with political leaders on forming a government that can last until new elections are held. Those talks could start over the weekend.

Renzi sorely miscalculated in the runup to the Dec. 4 referendum on constitutional reforms, vowing to resign if it failed. In the end, 60 percent of voters cast “no” ballots.

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