Italy Spurns Renzi, Next Up Clash With EU
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By Tom Luongo
Italy went to the polls and gave its Prime Minister and, by extension, the European Union a big thumbs down on Sunday. The referendum to radically overhaul Italy’s government failed spectacularly.
This sent the euro plunging through near-term support at $1.055 versus the U.S. dollar.
Renzi said he will step down today and allow a new Prime Minister to be found. Major opposition parties, the Northern League and Five Star Movement (M5S) are calling for new elections to be held as quickly as possible.
Both of these are fervently anti-EU parties of the so-called “Far Right,” because any idea or party that is outside of allowable cultural Marxist limits needs to call up ghosts of fascists-past. The reality is, of course, far less ominous, unless you are a member of the Davos set.
Par for the Italian Course
Italy has had more than sixty governments since the end of World War II, so the Renzi government lasting just two years is actually quite impressive. Italians are fed-up with the European Union. That disgust has risen since the first Greek bailout in 2010.
Early in 2015 Venice voted to secede from Italy and was promptly ignored. This is similar to the unelected technocrats in Brussels continuing to ignore Catalonia even though the people there continue to move forward.
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