Update #2: Following the exit polls and the market's response, "Northern League" leader Salvini has called for early elections:
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Update #1: The Exit polls have begun:
Italy looks set to be next in line to leave the EU as the European project spectacularly collapses following the UK’s Brexit vote in June 2016. Italians vote on Sunday in a major referendum that will have huge consequences for their future in Europe. Politicians have warned that an Italian exit from the EU will spark a huge banking crisis and will result in the Italian Prime Minister resigning. CNN reports: Italians are being asked to vote on a sweeping series of constitutional reforms championed by Prime Minister Matteo Renzi.
Via Stratfor,
Submitted by Nick Giambruno via InternationalMan.com,
Tomorrow, December 4, Italy is holding a referendum that will determine the fate of the entire European Union.
Donald Trump’s victory—which shocked Europe’s political and media elite—gives the populists backing the “No” side of Italy’s referendum the political rocket fuel they need for a virtually guaranteed win.
That momentum will be all but impossible to reverse. Anti-elite sentiment is rising on both sides of the Atlantic. And I bet the global populist revolution will continue.
Less than a month after the "shocking" election of Donald Trump as US president, the world prepares for another day of political shockwaves, this time out of Europe, when on Sunday all eyes will be on Italy and, to a slightly lesser extent, Austria.
Or, as Bank of America puts it "Meanwhile in Europe..."