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Italy on the Brink
Political instability in Italy is nothing new. But Italian voters’ rejection of constitutional reforms in a referendum has not only led Prime Minister Matteo Renzi to resign; it has dealt another blow to a crisis-ridden European Union. In the near term, Italy’s ongoing banking crisis could flare up again and threaten European stability; in the longer term, Italy may have to leave the eurozone, which would put the single currency itself at risk. The “No” side was widely expected to win. But the scale of its victory – a whopping 59% of the vote – was shocking, and largely a triumph for anti-establishment ... (full story)
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