Wednesday, 7 December 2016

SR 1379 – Italian Prime Minister Resigns Over Anti-EU Vote

Despite anti-European Union populists loosing a narrow vote in Austria yesterday, they won a much more important victory in Italy.
Italian populists went to the polls yesterday and turned down a referendum to change the Italian Constitution that would have strengthened the European Union’s hold over Europe’s 5th largest economy. The measure wasn’t just defeated, it was rejected in a huge 59-41 landslide.
As he had promised to do if the referendum was defeated, Italian Prime Minister Matteo Renzi resigned within hours of the polls closing and the size of the “No” landslide became clear.
The resignation will pave the way for anti-EU parties in Italy who will soon call for early elections, and will most likely lead to an Italian vote to leave the EU, just as the British did last June.
The result will also boost other anti-EU parties prepping for already-scheduled elections in the coming year in France, the Netherlands, and Germany, that may doom the floundering European experiment in erasing national boundaries.
The vote could also push several large Italian banks over into some version of bankruptcy as Italy’s national debt hits 136% of gross domestic product – second only to Greece among European nations, and forth highest in the world.

[Posted at the SpookyWeather blog, December 7th, 2016.]

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