Monday, December 05, 2016

When In Rome

Italy sends a message:
"I lost, and the post that gets eliminated is mine," Renzi said early Monday about an hour after the polls closed. "The government's experience is over, and in the afternoon I'll go to the Quirinal Hill to hand in my resignation" to President Sergio Mattarella.

Besides the "anti-establishment" 5-Stars, the outcome energized another "anti" party, the anti-immigrant Northern League, an ally of French far-right leader Marine Le Pen, a candidate in France's presidential race.

In voting No, Italians also delivered a rebuke to Italy's industrialists, banks and other establishment institutions, which had staunchly backed the referendum. The anti-reform victory, which could spook investors, comes just as the government had made some inroads in cutting the staggering rate of youth employment and while Italy's banks have urgent need for recapitalization.
The answers certainly haven't come from the EU. So Italy gave the EU the boot.

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