Globalist bankers say if ‘yes’ buy, if ‘no’ sell.
Renzi wants to drastically scale back the size and powers of the parliamentary second chamber, the Senate.
Under his proposed reform, a body of 315 directly-elected and five lifetime lawmakers will become one with only 100 members, mostly ‘nominated'(not elected) by the regions.
The body would also be stripped of most of its powers to block and revise legislation, and to unseat governments.
The ole Hope n Change Okie Dokey
In a country that has seen 65 governments since the end of the second world war, Matteo Renzi, the prime minister, argues that changes are needed to make the country easier to govern.
In his view, Italy’s problems are so deeply rooted in institutional paralysis that only a government with broad powers, a stable parliamentary majority and a reasonable expectation of lasting its five-year term can defy the vested interests that hold Italy back.
But the danger is that the referendum will mark the next populist upheaval, after Britain voted to leave the European Union in June and America elected Donald Trump as its next president.
Mr Renzi is often seen as Italy’s last hope for reform, and best bulwark against the rise of anti-EU and anti-euro parties.
He has staked his personal credibility on winning the referendum, saying he would resign if (as seems likely) he loses.
The pro-European Renzi, 41, had until recently been considered a bulwark against that scenario.
But what happens if he falls?
A referendum on whether Italy should remain a member of the common currency could follow.
If Italy, the third-largest economy in the currency union, were to leave, it would mean doom not only for the euro.
It could put the entire European Union at risk.
This domino-effect theory has been useful to the prime minister and his allies and flanked by the Financial Times newspaper as a warning against the dangers of a “no” vote.
Ever since the EU-critical, populist Five Star Movement (M5S), under the leadership of former comedian Beppo Grillo, has been closing in on Renzi’s party in the polls, the prime minister, a talented speaker, has subtly been presenting the vote as a choice between stability and disaster.
With his late-night appearance in Bari, where he evoked “change for the years to come,” Renzi ended his 1,000th day as prime minister.
Earlier in the week, he had enjoyed a (last?) meal with US President Barack Obama and German Chancellor Angela Merkel in Berlin and, after returning to Italy, spoken to the press in Rome, where he detailed his achievements in office before doing a live TV appearance and ending his day with a speech in the port city of Bari.
Renzi’s Obamaesque government has introduced a monthly welfare payment of €80 ($84) for low-wage earners; it has liberalized the labor market and created hundreds of thousands of jobs, even though some of them are temporary; it has improved the country’s sluggish judicial system; and it has ended Italy’s seven-year period of decline. Though growth has been extremely meager, he argues just as Obama in the US, the economy is expanding again.
Italy too has it’s share if lefty know it all experts employed in make believe land.
Why, then, is a majority of Italian voters ready to throw Renzi out of office?
Is it because Italians are “defeatists who are prepared to the point of self-flagellation to say ‘no’ to everything,” as claimed by Paolo Sorrentino, director of the Oscar-award winning film “The Great Beauty?”