End of the EU: NO Vote Leads 63% In Italy Exit Polls

After media warnings a “No” vote will collapse the EU and the Euro, early Italy exit polls show the no vote winning 63% to 37%.

Update: Media outlets have called the election: Italy To Exit EU, Euro Will Collapse After “No” Vote Wins In Italy Referendum

Last week the corporate media ran numerous reports stating a”No” vote in Italy’s referendum vote today will unleash financial doomsday and lead to the collapse of the Euro and the EU itself.

Italy’s Sunday Vote Set To Trigger The “Most Violent Economic Shock In History”

Italy’s Sunday Vote Set To Trigger The “Most Violent Economic Shock In History”

Latest Italy polls show 54% support for “No”, which will tear apart the EU, the world’s largest economy, triggering an epic stock market crash. Global markets are down ahead of

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According to the Intelligence Quarterly the “No” vote has a huge 63% lead over the “Yes” vote in early exit polls.

Italy exit poll by financial firm & polling group in Milan, Rome, Venice & Bari have #VotaNo up 63% to #VotaSi 37%

No votes leads yes vote 65% to 37% in early Italy Exit Polls

The BBC is also confirming the Italian Prime Minister is set for a loss.

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Live monitor is reporting the same results:

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Yahoo News: is also reporting on the loss:

Italy’s Renzi loses referendum on constitutional reform: exit polls

Rome (AFP) – Italian voters on Sunday overwhelmingly rejected constitutional reform proposals on which Prime Minister Matteo Renzi has staked his political future, exit polls suggested.

Polls for national broadcaster Rai and the La7 television channel both called the vote for the No camp by a margin of at least 54 percent to 46 percent for the Yes camp, and by an average of 56.7-43.3 percent.

The projected result was in line with what opinion polls had been indicating up until November 18, after which the media were banned from publishing survey results.

Renzi, who had vowed to resign if he lost the vote, was due to make a statement at his Palazzo Chigi official residence around midnight.

The defeat and Renzi’s likely departure will plunge Italy in a new phase of political uncertainty and possible economic turmoil.

The UK’s Express is also reporting there has been a massive turn out for the No vote citing a 72% vote for the no camp:

9.30pm update: If those who like a flutter are anything to go by then the No vote has turned out in a spectacular fashion. Just half an hour before the polls close and Smarkets are saying that there’s a 72% vote for the no camp. If this is the case then it’s arrivederci Mr Renzi!9.00pm update: Italy’s prime minister who has been in a jovial mood today will address the nation at around midnight or 11pm UK time, according to Reuters. This will be approximately on hour after the polls close. No definitive result is expected until the early hours of the morning. Mr Renzi says he will quit if the country does not back his ambitious plan.

The turnout has been high across Italy as they go to the polls

The turnout has been high across Italy as they go to the polls

 

This comes as the media is under a government issued gag order to remain silent on the vote according to Yahoo News.

Media silence on eve of Italy’s crunch referendum

Rome (AFP) – Media silence was imposed across Italy Saturday on the eve of a constitutional referendum crucial for Prime Minister Matteo Renzi, who has staked his future on the government reforms.

In the frantic final round of campaigning which ended on Friday, Renzi’s rivals vowed to defeat referendum proposals to streamline parliament and force the centre-left leader out of office.

But just as with Trump, the UK’s Telegraph reports the financial markets are braced for the “No” vote to succeed.

As Bloomberg reports, the North and the South heavily favor “No” verse central Italy.

While the media is blasting the loss of Austria’s anti-Euro candidate today as a defeat of “nazi facism” it’s really the economy stupid.

There is a direct correlation between “No” support and rampant unemployment.
italy-unemployment

Leaving the EU would allow Italy to have a local currency which can be devalued to make the nation competitive in terms of labor.

This is similar to jobs in the U.S. being lost to Mexico because U.S. skilled labor costs $20-30 USD and hour where in Mexico the same labor can be obtained for $3-6 to USD per hour.

However, EU nation’s aren’t able to devalue their currency to provide cheaper labor to boost their economy.

Put simply nation’s such as France and Germany have benefit massively from the EU while the economies of Portugal, Italy, Greece and Spain have continued to suffer.

These nation’s still have not recovered from the 2008 financial collapse and are under unbearable austerity measures even while Greece is an outright depression.

eurozone

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