Italian referendum - multiple calls now for PM Renzi to resign
Exit polls show 'No' has won: Italian exit polls show PM Renzi losing referendum "by clear margin"
EUR update ...EUR/USD on its lows:
Multiple opposition parties are out on the wires already calling for the resignation of PM Renzi
- New Renzi Government: Italian President Sergio Mattarella could ask Mr. Renzi to reshuffle his cabinet and form a new government. However, Mr. Renzi has said in recent days that he is unlikely to accept such an option, given that he would be in a much-weakened position following the vote.
- A Caretaker Administration .. .Mr. Mattarella could ask someone else to lead a new government with a limited mandate to oversee the drafting of a new electoral law and pass the 2017 budget.
- Electoral-Law Snarl:Major political parties are pushing to change an electoral law passed last year that would give extra seats in Parliament to any party winning 40% or more of the vote. That measure was intended to make for more stable governments. Establishment politicians now worry that it could help the populist 5 Star Movement gain power and want to rewrite the rules before any new national election.