The victory of a 'No' vote in
Italy's December 4 constitutional referendum is not likely to
lead to an Italexit or to cause shock waves on EU markets,
Credit Suisse analysts said Friday. The referendum in which
Italians will be called to either approve or nix Premier Matteo
Renzi's reform is the first political test in Europe after
Donald Trump's victory in the U.S. presidential election. "And
as much as it may lead to market volatility we don't see
consequences of systemic relevance, even in case of a 'No'
victory," the analysts wrote in a report on upcoming votes in
the EU that could rock markets to the degree that the Brexit and
Trump's election did. A 'No' victory is possible, but it is "not
likely to lead Italy out of the eurozone, perhaps not even to
early elections," the Swiss bank analysts said.
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