Europe faces a possible destabilization, and it all comes down to the current votes Italians are going through in regards to reorganizing their government.
This includes several factors. One being reducing the numbers in the senate from the current 315 to 100, and second most importantly would be in whether or not Italy should continue with the Euro. A move if went ahead with, would see a domino effect of a further economic crisis and drive it further downwards, as Prime Minister Matteo Renzi himself stated.
About 51 million Italian citizens are deemed qualified to vote in this referendum, and the votes have already begun as of Sunday at six am, ending at 11 pm, and results are expected to surface on Monday.
Many of the voters themselves are growing weary of the prolonged lack of economical productivity.
Change of Mind
Mr. Renzi himself has claimed that he would resign immediately if the “No” vote wins, but as of now has not made any statement regarding the ongoing event, as he is expected to return to Rome this afternoon. If the “No” vote wins, there will be a possible inclination for Italy to go through the transition that was once witnessed similarly in the UK last June in leaving the EU, along with the movement of the anti-immigrant Front National that amplified recently in France.
If Mr. Renzi loses, these movements, especially the anti-immigrant front would possibly expand. A stall holder from the Campo dei Fiori market in Central Rome, Pippo Nicosia expressed his own worries on this whole ordeal in regards to the “No” vote by saying “No’ will win, everything will collapse so we might as well all go on holiday.”
The turn of events are being observed globally, in the case for an intensifying surge of anti-establishment sentimentality.
Mr. Renzi stated this his strategy was in hopefully decreasing the amount of power that the higher house senate now possesses, and went on to assuring others of his resignation, stating that he will take no part in the president’s methodical style of ruling the country.