An important election is coming up soon. This isn’t the anticipated and much publicised and dramaticised US election. This referendum could potentially have more impact to the world that the recent UK BREXIT vote. What is it you ask? It’s the upcoming Italian referendum.
Italian Prime minister Matteo Renzi has staked his career on a vote on much needed Italian political reforms shrouded in a referendum. If Renzi loses this referendum he has announced he will step aside which will throw Italian politics into chaos and very likely end up with the leading contenders 9both the 5-star party and the Northern League parties) to pursue an Italian referendum on its membership in the EU itself. Presently polls suggest that there is every chance that Italians would vote to leave the EU alongside their UK counterparts if given the choice.
With the UK departing the EU, Italy represents the 3rd largest economy in the EU behind Germany and France. With its banking sector in tatters and crippled by bad debt the Italian economy continues to struggle. EU regulations post the GFC which prohibit EU member bank bail outs is continue to frustrate the Italian governments efforts in overhauling their failing banking sector.
This referendum will be held between October and November making the 4th quarter of 2016 one of the most interesting times in recent memory.
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