Italy To Exit EU, Euro Will Collapse After “No” Vote Wins In Italy Referendum

Multiple media outlets are calling the Italy Referendum as win for the “No” vote which means Italy will exit the EU and the Euro will collapse.

As reported earlier, early exit polls showed the “No” vote held a decisive lead in the Italy referendum vote.

Now 3 different official exit polls have come in and all show the “No” vote winning by at least a 10 point margin.

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As the Financial Times and numerous media outlets reported last week  a win for the “No” vote in Italy’s referendum wold lead to Italy’s exit from the EU which would be followed by France and essential trigger a series of financial doomsday dominoes  ultimately leading to the collapse of the Euro and the end of European Union.

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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The Express reports:

RENZI LOSES: Exit polls indicate PM DEFEAT as Italians say ‘NO’ in critical referendum

ITALIAN Prime Minister Matteo Renzi is facing calls to resign after the first exit polls showed a majority of Italians voted ‘No’ in the country’s momentous referendum.

In results, which could hint at which way the critical vote is set to go before the final outcome is announced in the early hours of Monday morning, 55 to 59 per cent rejected the prime minister’s constitutional reforms.

An exit poll by the Piepoli Institute/IPR for state television station RAI, estimated those voting ‘Yes’ to back the reform at 42 to 46 per cent, compared with 54 to 58 percent for ‘No’, as the backlash against Mr Renzi gains momentum.

The euro immediately fell against the dollar on the exit polls, slipping to $1.0580 from $1.0625.

[…]

If confirmed, the Italian premier has promised to resign if he loses, which threatens to shake the financial foundations of the nation and push contagion to other nations in the crumbling European Union.

From the BBC:

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Italian referendum: PM Matteo Renzi suffers heavy defeat, exit polls suggest

Italian Prime Minister Matteo Renzi has suffered a heavy defeat in a referendum over his plan to reform the constitution, exit polls suggest.

An exit poll on state broadcaster RAI suggests 42-46% voted to back reform, compared with 54-58% voting No.

Two other polls gave the No vote a similar lead of at least 10 points.

Mr Renzi, who has said he would resign if he lost the vote, is due to make a statement at midnight (23:00 GMT) from his official residence in Rome.

The referendum was regarded as a barometer of anti-establishment sentiment in Europe.

The vote asked about plans to streamline parliament but it was widely seen as a chance to register discontent with the prime minister.

Populist parties supported a No vote.

The opposition Northern League leader has called for Mr Renzi’s resignation.

From Yahoo News:

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.

Live updates from Zero Hedge:

Renzi Loses Italian Referendum By Wide Margin; EURUSD Tumbles As Early Elections Loom – Live Blog

EURUSD is tumbling…

[…]

Update #5: Renzi just tweeted to his 2.77 million followers: “Thanks to all of you anyway. In a few minutes I will be speaking to you directly from Palazzo Chigi. Long live Italy! PS Am coming, am coming….

 

 

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Update #4: Italian Prime Minister Matteo Renzi is likely to meet President Sergio Mattarella early Monday, as exit polls show he’s suffered a heavy defeat in a referendum on constitutional reform, according to a government official who asked not to be named. Renzi has pledged to resign if his plans to overhaul the constitution are rejected by voters.

Seems pretty clear…

EURUSD keeps sliding…getting close to some very srious support levels:

  • 1.0524 is Dec 2015 lows
  • 1.0518 is 11/24 lows
  • 1.0458 is Mar 2015 lows

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Update #3: First Projections confirm exit polls – wide margin of victory for “no” defeat for Renzi…

 

 

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Update #2: Following the exit polls and the market’s response, “Northern League” leader Salvini has called for early elections:

  • SALVINI: NO VICTORY WOULD MEAN PEOPLE DEFEATING ESTABLISHMENT
  • ITALY NORTHERN LEAGUE LEADER CALLS FOR EARLY ELECTIONS: MNI

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Update #1: The Exit polls have begun:

  • *ITALY REFERENDUM: ‘NO’ AT 55%-59% IN EMG EXIT POLL
  • *ITALY REFERENDUM: ‘NO’ AT 55%-59% IN TECNE EXIT POLL
  • *ITALY REFERENDUM: ‘NO’ AT 54%-58% IN RAI EXIT POLL

 

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