Referendum in Italy rejected constitution changes, Prime Minister will resign

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Under the proposed reform, the Senate, currently a body of 315 directly-elected and five lifetime lawmakers should have only 100 members, mostly nominated by the regions. Opposition parties have denounced the proposed amendments to the 68-year-old constitution as dangerous for democracy. Prime Minister Matteo Renzi has vowed to step aside if he loses and it’s believed he will resign Monday.

If Renzi goes, some short-term market turbulence looks inevitable. Some analysts fear a deeper crisis of investor confidence. International troubles will exist too. Eurozone financial instability is expected. Immediately after poll result was known, the euro fell 1.4% against the U.S. dollar in early Asia trade. There are political reactions too. “The people of the Italy have spoken, and we respect their decision,” a senior administration official from the White House said in a statement late Sunday.” Italy remains one of our closest and strongest allies, and this result will not affect our ongoing cooperation across a range of shared interests, from addressing climate change and the global refugee crisis to promoting global security and inclusive economic growth,” they added.

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