On December 4, Italian Prime Minister Matteo Renzi’s current pro-EU government is holding a referendum on changing Italy’s constitution.
In effect, a “Yes” vote is a vote of approval for Renzi’s government.
A “No” vote is a chance for the average Italian to give the finger to EU bureaucrats in Brussels.
Given the intense anger Italians feel right now, it’s very likely they’ll do just that.
According to the latest polls, the “No” camp has 54% support and all of the momentum. Even prominent members of Renzi’s own party are defecting to the “No” side.
If the December 4 referendum fails, Renzi has promised to resign. Even if he doesn’t, the loss would politically castrate him. In all likelihood his government would collapse. (Italian governments have a short shelf life. There have been 63 since 1945. That’s almost a rate of a new government each year.)
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On the same day the (rescheduled because of fraud) Austrian Presidential election takes place. Although the Austrian Presidency is largely ceremonial a concurrent victory of the new anti-immigration Austrian Freedom Party and a "no" vote in Italy may well be a double whammy to both the economic and political integration of the Euro Zone. Seeing as these elections fall on Sunday, early Monday may be the last chance to move into cash, bullion or hard assets. I've been saying for years GGGG God, Gold Guns and Grub!
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