Italian Banks May Face Collapse if Renzi Loses Referendum

A total of eight Italian banks will risk collapse over the next few months if the nation votes "no" to the constitutional changes that have been proposed by current Prime Minister Matteo Renzi in the nationwide referendum, December 4.


Renzi's proposed changes would ultimately reduce the role of the Senate and transfer power to the central government from the regions.

• If the opposition side however wins, what could follow would be market turmoil and financial turbulence according to officials and senior bankers.  

EU Commission (EC) President Jean-Claude Juncker said in an interview that he agreed with the Italian Prime Minister's reforms.

Despite Renzi's frequent attacks on EC, where he has urged the Commission to provide more funds and support in dealing with an increasing flow of refugees arriving in the country from the Mediterranean, Junker has said he was in complete support of the new reforms and that he would work to convince all European countries to share the burden of migration with Rome.

 "I don't know whether I would be useful to Renzi saying I would like to see 'Yes' win, I just say I would not like to see 'No' prevailing (in the referendum)," Juncker said.

He added: "Italy is a great nation and Renzi has contributed to this, we have to admit this," he added.
[/sputniknews.com]
28/11/16
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