I recently spent several weeks in Italy, taking the pulse of the country. The Italian referendum on December 4 turned out exactly how I predicted it would.
The “No” vote won in a landslide, with 59% of the vote versus 41% for “Yes,” with a 70% turnout.
The pro-EU Prime Minister promptly announced his resignation after the crushing defeat.
A surging populist party waits in the wings. They’re now likely a matter of months away from taking power and then holding a new referendum on whether Italy should dump the euro and go back to the lira.
If that happens, Italians will likely vote to leave. Continue reading