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Investors are concerned about Italy’s fate after the news about Brexit and Trump
 Italy may re-elect its president and secede from the EU, in case of the Five Star Movement’s coming to power. 28.Nov.16 4:04 AM By Anna Tuzova Photo Toinnov.com |
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Investors, who haven’t got over the shock of the US election and Brexit, now have another cause of concern: if the prime minister of Italy Matteo Renzi’s constitutional reform does not get a support on a referendum, which will be held on 4 December, it will break the country’s fragile political stability, according to Bloomberg. The Renzi’s, who was expected to retire, defeat, if the result doesn’t meet the expectations, can lead to premature re-election and the increase of the Five Stars Movement populist party, which has promised to hold a referendum to secede from the euro zone in case of its coming to power. According to Bloomberg data, the Italy’s secede from the euro zone will take a long time. As Antonio Villafranca, the analyst of the Italian Institute for International Policy Studies said: “Even if early elections were called after a Renzi defeat, Five Star’s chances of getting into power would depend on changes to the electoral system. Winning an election might not be enough because the party could have a hard time finding enough allies to form a parliamentary majority”. What is more, legal barriers, which would get in the way of seceding from EU, couldn’t be ignored. Thus, the Italian constitution prohibits the cancellation of international agreements through a referendum, so the amendment of it may be required before calling for the voting. For this amendment it’s necessary to have two thirds majority vote by both of chambers, and, probably, the additional referendum. | |
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