“If we miss this chance it won’t come back for 20 years,” Prime Minister Matteo Renzi warned voters before campaigning was suspended at midnight on Friday.
Italians are voting in a constitutional referendum on which reformist Prime Minister Matteo Renzi has staked his future.
Whatever the outcome of a vote being anxiously watched in capitals across Europe and carefully scrutinised on trading floors around the world, it will lead to change.
If the centre-left Renzi’s proposals to streamline a 68-year-old parliamentary system are voted down, he has vowed to resign.
That would usher in a period of political uncertainty and potential economic turmoil for the country and its European Union allies.
The most apocalyptic scenarios involve a crisis of investor confidence causing the failure of a rescue scheme for Italy’s most indebted banks, triggering a broader crisis across the Euro zone.
But markets last week, while jittery, appeared to have discounted that risk.
If Renzi wins, the country’s youngest ever prime minister will be energised in his bid to transform Italy.
Critics say Italy will have been deprived of democratic checks and balances put in place in the aftermath of World War II following the disastrous rule of fascist dictator Benito Mussolini.
Victory for Renzi will mean a new mandate to pursue reforms he sees as key to unshackling Italy’s creativity from the influence of a self-serving political caste that has exploited institutional weakness to stymie change.
According to the polls the majority of Italians in the regions will reject Renzi plan of reforms. ‘NO’ outcome of the referendum will mean an immense chance for right-wing politics to proceed with its plans to pull the country out of Eurozone. Italy’s farwell to Euro will mean one more blow to the crumbling European Union, suffering internal bleeding under #Brexit. Apparently, while constructing the EU ‘house’ the architects didn’t believe the doors would be needed. As follows some started to break the walls to get out:)
Italy’s return to sovereignity will start the decomposition beyond of the EU in its current from: good news for Lega Nord and its supporters.