The self canada goose uk black friday styled reformer with his

Matteo Renzi’s referendum defeat risks Italy political crisis

A consortium organising a possible bailout for one leading bank, Banca Monte dei Paschi di Siena, is meeting on Monday to consider whether to pursue the rescue bid.

Mr Renzi staked his political future on his attempt to change Italy’s cumbersome political system. He wanted to strengthen central government and weaken Canada Goose Parka the Senate, the upper house of parliament.

His opponents including canadian goose jacket some within his own party had argued that the reforms would give the prime minister too much power. The electorate agreed.

But the referendum was more than a vote Canada Goose Jackets on constitutional reform, it was widely regarded as a chance to reject canada goose store establishment politics.

It was a resounding victory for the No camp, a medley of populist parties headed by the Five Star Movement, which capitalised on Canada Goose online Mr Renzi’s declining popularity, years of economic stagnation, and the problems canada goose online canada goose clearance sale caused by tens of thousands of migrants arriving in Italy from Africa.

Sleepless nights in Brussels BBC Europe editor Katya Canada Goose sale AdlerEU leaders won’t have slept much on Sunday night. cheap canada goose uk Angst about Italy makes an uncomfortable bedfellow Canada Goose Online and there’s plenty for them to worry about. canada goose black friday sale Particularly in Brussels.

Prime Minister Renzi was the only premier left in Europe with uk canada goose a vision for the EU’s future. Angela Merkel is too busy crisis managing while much of France is in thrall to Front National eurosceptics.

But Matteo Renzi is no more. The self canada goose uk black friday styled reformer with his promise to stabilise politics and kick start the Italian economy has managed quite the reverse.

Italy wakes up on Monday to the threat of a banking canada goose uk shop crisis, political turmoil, and a group of anti establishment populists banging on the doors of government. Eurozone beware and EU be warned. canada goose uk outlet Italy is the euro currency’s third largest economy and it’s in for buy canada goose jacket cheap a bumpy canada goose factory sale ride. And there are more unpredictable votes to come buy canada goose jacket in 2017: in France, Germany, the Netherlands and perhaps here in Italy too.

Has this strengthened anti establishment parties?The No vote’s victory was even bigger than the last opinion poll in November had predicted.

Five Star says it is getting ready to govern Italy. Its leader Beppe Grillo said an canada goose coats on sale election should be called “within a week”.

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Why canada goose Italy’s vote matters

Another opposition leader Matteo Salvini, of the anti immigrant Northern League, called the referendum a “victory of the people against uk canada goose outlet the strong powers of three quarters of canada goose clearance the world”.

What will happen next?Mr Renzi will hand in his resignation to President Sergio Mattarella after the final cabinet meeting.

The president may ask him to stay on at least until parliament has passed a budget bill due later this month.

In spite of the pressure from the opposition, early elections are thought to be unlikely.

Instead, the president may appoint a caretaker administration led by Mr Renzi’s Democratic Party, which would carry on until an election due in the spring of 2018.

Finance Canada Goose Outlet Minister Pier Carlo Padoan is the favourite to succeed Mr Renzi as prime minister.

How is Europe reacting?The result is being seen as a blow to the EU, although there is no question of Italy following the UK out Canada Goose Coats On Sale of the door.

Both Five Star and the Northern League are opposed to cheap Canada Goose the eurozone but not to canada goose coats membership of the EU itself.