Not for the first time, Italy is in political turmoil. The
prime minister, Matteo Renzi, has resigned after voters overwhelmingly
rejected a referendum on constitutional change that was widely seen as a
plebiscite on his leadership. While there are complex and dysfunctional
politics at play – the incoming caretaker government will be the 64th
in 70 years – the decision is more a reflection of economic
circumstances.
The
comparisons with the Brexit referendum in the United Kingdom, which led
to the resignation of prime minister David Cameron, are obvious. But
this decision is a symptom of the persistent economic malaise that has
hit hard in southern Europe. Greece, Spain and Portugal are struggling
along with Italy. And, as we have seen in Greece, there is no appetite
among the electorate to vote for the painful economic reform needed to
remedy the situation. The vote will certainly empower those who question
the future of the European Union and the single currency. The former
leader of Britain’s far-right United Kingdom Independence Party, Nigel
Farage, tweeted that the referendum seemed to be "more about the euro
than constitutional change".
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