The Financial Times and the Wall
Street Journal have both dedicated articles to the possible
impact of a No vote in next month's referendum on Premier Matteo
Renzi's Constitutional reform.
"If Matteo Renzi, Italian prime minister, loses his
constitutional referendum on December 4, I would expect a
sequence of events that would raise questions of Italy's
participation in the eurozone," wrote columnist Wolfgang Münchau
in the FT.
Münchau said that the underlying causes were not linked to
the referendum itself, but to Italy's poor economic performance
since it adopted the euro in 1999 and the EU's failure to build
proper economic and banking union after the eurozone crisis of
2010-2012.
"The referendum matters as it could accelerate the path
towards euro exit," the piece said.
"If Mr Renzi loses, he has said he would resign, leading to
political chaos. Investors might conclude the game is up. On
December 5, Europe could wake up to an immediate threat of
disintegration".
On its front page, meanwhile, the WSJ said that investors
are preparing for turmoil after the referendum.
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