Monday, October 24, 2016

Renzi’s Gamble Is Even Bigger 
Than Most People Think
It Could Mean Italy Leaving The Euro & The Breakup Of The Eurozone
Mish Shedlock* sees Italian Prime Minister Matteo Renzi as staking his continued role on an upcoming referendum in Italy in December relating to dramatically reduce the power of the Senate in Italy .. "It will also give a parliamentary majority to the party that gets the most votes. Renzi wants that authority. Ironically, if the referendum does pass, Italy is more likely to leave the Euro than if it doesn’t .. Beppe Grillo’s Five Star Movement party (M5S) is now neck and neck with Renzi’s PD party. M5S is decidedly eurosceptic .. Should the referendum pass, but Renzi lose the next election, a eurosceptic party will have control over Italy .. Renzi’s gamble is that he will win the referendum, consolidate power ahead of the next election, and stave off election of M5S. That’s quite the gamble given how support for Renzi has collapsed."
LINK HERE to the commentary

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