The Quitalian Job: Italy holding referendum that could lead to Euro exit

[-:Undertaker:-]

http://www.dailymail.co.uk/news/arti...-EU-apart.html

The Quitalian Job: How Italy's insurgent party "5star Movement" are on the brink of a Brexit-style bombshell that could tear the EU apart


- Beppe Grillo's "5star Movement" is on verge of forming a government if current PM Renzi falls following referendum
- The 5star Movement is allied to and sits with Ukip in the European Parliament
- The Movement is committed to holding a referendum in Italy on Euro membership

Italian Prime Minister Renzi faces resigning and a General Election if he loses the constitutional referendum

Only in Italy could the people countenance the possibility of a comedian holding the reins of power.

From Mussolini to Berlusconi and endlessly changing governments of every hue in between, the country has seen it all. But foul-mouthed Beppe Grillo, a former stand-up comic whose very name is redolent of the big top, is something else again. Even our own Nigel Farage and Boris Johnson seem tame by comparison.

Unthinkable though it might seem, Mr Grillo’s party, or movement as he prefers, which grew from his blog (of all things) just seven years ago, is now closer to forming a government than ever. Next Sunday, the country goes to the polls in a referendum that might well shape the future of Europe, though on the face of it the vote doesn’t appear particularly consequential, concerning as it does constitutional changes to Italy’s equivalent of the House of Lords.

Yet its result has the potential to eclipse Brexit, and possibly bring the threat of EU disintegration closer to reality – while propelling Mr Grillo’s party ever upwards.

The referendum has effectively turned into a vote on the leadership of Prime Minister Matteo Renzi – and if he loses, which looks probable, there are fears it will set in train a sequence of events leading to the country abandoning the single currency, an outcome dubbed ‘Quitaly’. As David Cameron did over Brexit, Mr Renzi has staked his political future on the vote, saying he will step down if he loses.

And if that happens, Mr Grillo’s Five Star Movement (M5S) already the biggest opposition party, is widely tipped to triumph at the next election. If he wins, the comedian has vowed to hold a referendum on the single currency. It is little wonder that the December 4 vote, which takes place amid a crippling financial crisis, is being viewed with nervous anticipation across Europe and beyond.

Ukip Leader Nigel Farage and Italian ally, leader of 5star Movement Beppe Grillo

After Brexit and the election of Donald Trump, a vote against Mr Renzi would be what analysts call the ‘third domino’ as contagious dissatisfaction with political establishments shapes a new world order. And it is feared that by going a step further and ditching the single currency, Italy would destabilise Europe’s financial system, catching UK investors in the backlash.

What long-term damage it would do to Britain, still beset by uncertainty in the aftermath of leaving the EU, one can only guess. Sandro Gozi, a minister in the Renzi government, warned yester-day that it might even result in ‘the end of Europe’. Putting his constitutional reforms to the people was always going to be a high-risk gamble for Mr Renzi. Doubtless he never thought that the No campaign he faces, with the anti-establishment M5S at its forefront, stood much of a chance.

Yet Grillo’s remarkable rise owes much to the power of the web. That and the belief, sharper in Italy than elsewhere, that the political elite is out of touch with ordinary citizens.

Another friend of Nigel potentially on the verge of making history.

Italy does need constitutional change which the referendum is all about however one of those constitutional changes is leaving the Eurozone and like us, the EU, to become a self-governing nation again. So in that circumstance, let us hope for a rejection in the referendum, Renzi falling, and a General Election leading to Grillo's party taking power and holding that Euro membership referendum.

It'll be interesting to see which way the referendum goes anyway. It's being held on 4th December.

Thoughts?

[Zak]

Not sure the EU would survive if another large contributor left the bloc. Lets hope it happens.

[Empired]

Maybe it'll take the pressure off us

Do it do it do it do it

[-:Undertaker:-]

Why is Italy's anti-establishment #M5S movement going down so well ahead of the referendum? @ggatehouse reports: https://t.co/L5wD6gjhTF pic.twitter.com/E5enHiSpg5

— BBC Newsnight (@BBCNewsnight) December 2, 2016

Interesting the referendum now seems to be turning into a proxy referendum on the EU in general.

[-:Undertaker:-]

Early results indicating referendum defeat for the Italian Government.

PM Renzi to make a statement shortly within an hour.

Exit polls suggest Italian PM Matteo Renzi loses constitutional reform referendum by clear margin https://t.co/z1eMX4qZui

— BBC Breaking News (@BBCBreaking) December 4, 2016

EU28: Euro reacts to exit polls in Italy's constitutional referendum. #referendumcostituzionale #ExitPolls #maratonamentana #Euro pic.twitter.com/TV3mGJVIdM

— Europe Elects (@EuropeElects) December 4, 2016

The referendum had turned much the same as a referendum on Euro membership and the EU/national sovereignty.

Why is Italy's anti-establishment #M5S movement going down so well ahead of the referendum? @ggatehouse reports: https://t.co/L5wD6gjhTF pic.twitter.com/E5enHiSpg5

— BBC Newsnight (@BBCNewsnight) December 2, 2016

[-:Undertaker:-]

Breaking: PM Matteo Renzi resigns.

Another crushing defeat for the EU as Italy now heads for Euro crisis.

Italian PM Matteo Renzi announces he will resign after clear defeat in referendum on constitutional change https://t.co/f8DtPzXNFi

— BBC Breaking News (@BBCBreaking) December 4, 2016

#Euro just drops to fresh 12y low. pic.twitter.com/B76KLYRMEk

— Holger Zschaepitz (@Schuldensuehner) December 4, 2016

[scottish]

Good to hear, GBP might actually be worth something again if the euro continues to drop.