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janice shell

12/04/16 9:27 PM

#262618 RE: StephanieVanbryce #262616

I'm not really sure what to think of that. I haven't really kept up with Italian politics since I left, and much has changed. Though as always, much hasn't.

Evidently much of what Renzi wanted was to centralize the government further, reducing the power of the provinces, and of the Senate. And he wanted to increase his own power; Italians tend to be leery of that.

They also feel strongly about their home province. Some people here feel that way about the state, and even town, where they were born, but we're a far more mobile society in general. Not many Italians move far from their original homes. They may get a job elsewhere, but that doesn't mean they'll live there. I knew someone who lived in Milan and taught in Bari; he'd fly down for three days a week. Another lived in Florence and taught in Trieste. He and his colleagues arranged to teach one week on, one week off. Neither would have DREAMT of moving to either place.

I suspect that attitude had something to do with Renzi's loss. I'll ask some friends there what they think.

But at least Renzi got his State Dinner.
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F6

12/05/16 5:20 AM

#262633 RE: StephanieVanbryce #262616

Euro Falls After Italy Says No to Changes Seen as Vital for Growth

A foreign exchange trading company in Tokyo on Monday. The Nikkei 225 Index in Japan fell 0.9 percent after Italy’s vote.
DEC. 5, 2016
FRANKFURT — The euro fell against the dollar and bonds across the Continent fell on Monday, after Italian voters rejected changes to their country’s Constitution [ http://www.nytimes.com/2016/12/04/world/europe/italy-matteo-renzi-referendum.html ] intended to speed government decision making and spur Italy’s stagnant economy.
The vote, and the political and financial turmoil it is likely to provoke, raised fears that Italy would be unable to muster the growth needed to deal with crushing government debt and a shaky banking system. The vote was another sign of popular resistance across Europe to changes that economists say are needed for the 19-country eurozone to overcome problems that have threatened its existence.
The political uncertainty caused by a “no” vote will postpone plans to rebuild the Italian banking system and to help banks deal with problem loans, which account for nearly a fifth of total debt and are a serious drag on the economy.
Though market interest rates, or yields, on government bonds also rose across Europe — indicating that investors now consider the region to be a riskier place to put their money — the increase was highest in Italy, a sign of the heightened uncertainty over the country’s prospects.
[...]

http://www.nytimes.com/2016/12/05/business/italy-referendum-euro-markets.html

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