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In voting No, Italians also delivered a rebuke to Italy

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Replica Handbags Share this:Click to share on Facebook (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Twitter (Opens in new window)Click to print (Opens in new window)Click to email this to a friend (Opens in new window)MoreClick to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Tumblr (Opens in new window)Submit to Stumbleupon (Opens in new window)ROME (AP) Italian voters dealt Premier Matteo Renzi a stinging defeat on his reforms referendum, triggering his resignation announcement and galvanizing the populist, opposition 5 Star Movement determination to gain national power soon.lost, and the post that gets eliminated is mine, Renzi said early Monday about an hour after the polls closed. Government experience is over, and in the afternoon I go to the Quirinal Hill to hand in my resignation to President Sergio Mattarella.Besides the 5 Stars, the outcome energized another party, the anti immigrant Northern League, an ally of French far right leader Marine Le Pen, a candidate in France presidential race.In voting No, Italians also delivered a rebuke to Italy industrialists, banks and other establishment institutions, which had staunchly backed the referendum. The anti reform victory, which could spook investors, comes just as the government had made some inroads in cutting the staggering rate of youth employment and while Italy banks have urgent need for recapitalization.During the campaign, the risk of political instability in Italy, Europe fourth largest economy, triggered market reaction, with bank stocks sinking and borrowing costs on sovereign debt rising.But some analysts predicted the political crisis sparked by Renzi exit would be short lived, as politicians focus on lining up support for a new electoral law they view as boosting their parties chances for whenever elections are called.Wolfango Piccoli, a London based analyst and co president at Teneo Intelligence, said the main risk of Renzi defeat will lie in the medium term.That could see prolonged muddle through period, the emergence of an ineffective patched up coalition government in the post election phase and continuously poor economic performance, Piccoli said in an emailed comment.The 5 Star Movement, led by anti euro comic Beppe Grillo, spearheaded the No camp on the constitutional reforms, a package aimed at updating Italy post war Constitution that Renzi had depicted as vital to modernizing Italy and reviving its economy.Characteristically confident detractors say arrogant Renzi, 41, and Italy youngest premier, had bet his political future or at least his current premiership on a Yes vote win, and campaigned hard for a victory in recent weeks to confound opinion polls indicating that it would likely go down to defeat.With votes counted from nearly all the polling stations in Sunday referendum, the No were leading Yes votes by a 6 to 4 margin, Interior Ministry data indicated. Replica Handbags

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