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Europe's Mess
The Paradox of Renzi’s Referendum Defeat
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  • Andrew Allison

    As illustrated by “The mainstream parties in Italy clearly see the threat; one of the priorities for the caretaker government is said to be rolling back a law that Renzi managed to pass last year that gives extra seats to any party crossing the 40 percent threshold in elections.”, the politicians (not just in Italy) are much more interested in keeping their jobs than serving their countries. Off with their heads!

    • Tom

      That law’s actually understandable–a good chunk of the reason for why Italy’s so mesed up is the VERY unstable nature of the governing coalitions in their parliament. Renzi was trying to tamp down on that.

      • Andrew Allison

        Exactly. Its rejection had two components: the political establishment likes thinks the way they are; and the people are really pixxed-off with its failure to make life better for them. This is not unique to Italy, hence Trump.

  • Fat_Man

    “markets appear to have concluded that this was not the case: At time of writing, the euro had completely recovered from the news of the vote”

    , Like the Oracle at Delphi in ancient Greece, Mr. Market seldom delivers unambiguous advice. It is just as possible that Euro traders thought that the zone would be better off without Italy and its perpetually looming debt crisis.

  • Eurydice

    Well, basically nothing happened. All they did was vote to change the government, which is the status quo in Italy.

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