Italian Referendum, 4 December 2016

Italy is having a very important referendum on Sunday. The referendum is technically a constitutional reform to curb the powers of the Italian Senate, which is one of the reasons why Italian politics is constantly at a standstill. However, it is actually a vote of confidence in Prime Minister Matteo Renzi. If this referendum fails, Mr. Renzi is likely to resign. This would open the gates to new elections and the prospect of an anti EU and anti Euro party, the 5 Star Movement getting more power. There is also the risk of an Italian bank failure

I’m hoping that the referendum passes. It isn’t favored now in the polls, but this has been the year of the weird. This is an editorial in favor of the referendum

Referendum failed heavily (about 40% Yes and 60% No). Renzi to resign.

Let’s see if the Italian losers can be more gracious than those that opposed Brexit and Trump. I’m not optimistic.

Why wouldn’t you be? Since NO won, no change is required in the Italian constitution. Renzi will resign as he promised. Now, it’s up to Italian voters to not give the 5 Star Movement any power in the next election.

Nonetheless, I’m sure they welcome your professional advice.