EU: what started in Rome could end in Rome

Posted: August 23, 2016 in Uncategorized

There is an imporant meeting in Italy at the moment. Italian PM Renzi will be begging Merkel for leniance and tax breaks as the Italian Referendum is looming.

The Italian Constitutional referendum (to transform the Italian system in a more similar to France election system) is backfiring.

It was called when PM Renzi was at the top and the opposition was in tatters.

Now the anti Euro party has the same support of the one of PM Renzi. Already Renzi is backtracking saying he will not resign (probably he will have to resign if the referendum fails…but the old powers will try to get a technical government to avoid elections till 2018).

The Referendum could be held anytime after 2 October,  but Renzi will try to buy time…so probably it will be on early December.   

The other funny fact is that Renzi went to the French system as Front Nationale can be defeated in a second round as the anti right wing citizens will vote for anyone else than Front Nationale. In Italy M5star as no such leaning…so it could backfire as everyone undecided could vote against the status quo of the Government.

In a sense PM Renzi tried to get more stability…and got more instability.

What is sure that Italy, since the Euro, is one of the few European country is zero growth.


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