Matteo Renzi Resigns as Italian PM After Referendum Defeat

Matteo Renzi resigns as Italian PM after referendum defeat – YouTube

      
“My Government Ends Here” Renzi Loses Italian Referendum, Will Offer Resignation

To summarize, this is what has happened so far in yet another major overthrow of the political status quo:
Italy PM Renzi lost by a huge margin, with the latest estimate somewhere around 59% voting “No” to Renzi’s proposed constitutional referendum.

In a speech moments after the results were announced, Renzi confirmed he would hand in his resignation tomorrow.

As Bloomberg notes, the scale of the loss and how quickly it happened cast a huge shadow on the fate of the continent headed into 2017.

The EURUSD has tumbled to the lowest level since March 2015.

“The experience of my government ends here,” Renzi said in a televised address to the nation after early voting results suggested his ‘Yes’ camp may have lost the referendum by as much as 20 points.

Renzi said he took full responsibility for the “extraordinarily clear” defeat and that on Monday afternoon he would convene his cabinet and then hand in his resignation to President Sergio Mattarella.

Meanwhile, not wasting any time, the man who would likely win an election if one were held today, Five Star founder Beppe Grillo, said in a blog post that Italians need elections as soon as possible, adding that the election law for the lower house can be the current one, even though the movement has “always criticized it” and says a new election law for the Senate, with tweaks to make it more governable, can be done in one week.
 

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