ROME, Nov. 26 (Xinhua) -- Italian Prime Minister Matteo Renzi said Saturday that his Democratic Party (PD) Senate caucus will lose 30 million euros (31.8 million U.S. dollars) in public funding if his constitutional reform law gets approved by referendum on Dec. 4.
The reform would, among other measures, reduce Italy's Senate from 315 to 100 members in a bid to cut the bloated operating costs of Italy's "ponderous, inefficient" political machinery.
The new Senate would be made up of elected representatives from the country's 20 regions, with their stipend not to exceed that of their regional capital's mayor.
"The reform really does lower the (operating) costs of politics," Renzi told a rally for a "Yes" referendum vote in the northwestern city of Savona.
"There are cuts to salaries and secretariats, and also cuts to caucuses. With this reform, the PD will lose 30 million euros in the Senate ... (5-Star Movement - M5S leader Beppe) Grillo's caucus gets about 12 million euros," said Renzi.
Grillo's opposition and second largest political force M5S is campaigning for a "No" referendum vote.
Renzi also urged voters to "move forward, not fall back into the swamp".
"With a 'Yes' win, Italy will have big responsibilities because we'll be the strongest country in Europe," the premier said.
"Germany and France face general elections, and Britain is out. At that point we'll be in a position to make our leadership felt on the great issues, such as immigration and growth," said Renzi.
Renzi pointed out that Italy hosts two important events next year, with the EU celebrating its 60th anniversary in Rome and the next G7 summit to be held in the Sicilian town of Taormina in 2017.