Italy seems to have voted a resounding NO.
Exit Polls indicate a 70% participation (incredibly high for Italy) with a 58-60% NO and 40-42% YES.
I am quite stunned by the level of NO vote, sincerely. Most probably now PM Renzi will go to the Italian President Mattarella to decide what to do (technical government or election).
Now there will be turmoil on the markets as 8 Italian banks are in critical problems. Most likely, at the end, it could be even a positive factor as the European Central Bank now cannot stop Quantitative Easing.
But if you go for the scary scenario (which I do not think so) – even Quantitative Easing is not a mean to deal with an ongoing crisis scenario.
Taking a step back, this is a resounding defeat of Europe, the EURO. And 2017 is bringing us even scarier election moments.
More update to come.
investorpolitico 