Matteo Renzi’s Defeat May Spell Economic Crisis For Italy

Matteo Renzi’s Defeat May Spell Economic Crisis For Italy

By Gavin Mackintosh-

Italy faces an economic crisis following the defeat of prime minister Matteo Renzi in the country’s referendum, leading to his resignation.

Matthew Renzi’s defeat will have huge effects on the already fragile European Union,causing panic and further straining the political and economic future of the EU.
Disheartened and rejected, the flatly beaten former leader told reporters from the chigic Palace : “I assume all the responsibility of the defeat,” adding that “my experience of government ends here.” He admitted plans to go to Sergio Mattarella, the country’s president to tender his resignation.
Matteo Renzi’s defeat followed a similar blow suffered by Norbert Hofer of the far right freedom party over Alexander Van Der Bellen- the former leader of the Green Party of Austria. Ita;y’s economic and political stabilty has immediately been shaken by the news of the shock defeat.
Early elections in 2017 are now a strong possibility, though with its electoral law under constitutional review, there is mo certain direction for the immediate future.
The future of the European Union is in further doubt, with the U.K’s governement ‘s recent Brexit defeat in the High Court now in the Supreme Court for higher legal consideration. Germany and France potentially have political missiles waiting to explode on the EU, as they also head for the polls with strong Euro-skeptic candidates optimistic of their chances of an upset. Matteo Renzi’s defeat, just like that of David Cameron six month’s ago, will be the inspiration of all euro skeptic candidates in Europe.
We can be certain, they that populist candidates will be using it to whip up support in their campaigns as they do their best to convince supporters of a changing world that needs their continued support.
Anti establishment sentiment has been the driving force of the political revolts that have continued to weaken the unity of the European Union and call for radical changes that threaten the staus quo. This is the same sentiment that was used by UK politician, Nigel Farage, and the former Mayor of London, now Foreign Secretary, Boris Johnson, to achieve a referendum that turned its back on the EU.
The almost global departure of European countries from eurocentric governance is predicted to lead to economic destabilisation which could spread across the continents. Similar prophecies of doom were said of Brexit, and despite an unsteady economic situation in the U.K since the June referendum, the naysayers have not been accurate. The economy in Britain has oscillated, but seems fine at the moment.
Mr.Renzi’s defeat in Italy may be a sign of Europe’s gradual disintegration, especially of Germany and France follow suit.
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