Prime Minister Renzi’s future on the line as Italy votes on his fate

ROME: Prime Minister Matteo Renzi voted on Sunday in a constitutional referendum that has put his future on the line, divided Italy and raised fears of political and economic turmoil across Europe.

Renzi, who has vowed to quit if he loses, was counting on a lastminute turnaround in voter sentiment to win backing for his proposals to streamline parliament and centralise some powers held at regional level in the name of effective and stable government.

“Have you decided how you are going to vote, prime minister?” a female voter cheekily asked Renzi as he turned up at a voting station in his home town of Pontassieve near Florence.

“Now I’m thinking about it!” Renzi quipped back before spending 10 minutes standing in line to register his vote.

Opposition parties have denounced the proposed amendments to the 68-year-old constitution as ill-considered and dangerous for democracy because they remove important checks and balances on executive power.

Spearheaded by the populist Five Star Movement, the biggest rival to Renzi’s Democratic party, the No campaign has also sought to capitalise on the Renzi’s declining popularity, a sluggish economy and the problems caused by tens of thousands of migrants arriving in Italy.

“God willing it’s over. A new era starts tomorrow I hope,” said Matteo Salvini, leader of the farright Northern League, after voting in Milan. Former prime minister Silvio Berlusconi, who belatedly backed the No side, was also out early. Polls closed at 2200 GMT with the result, anxiously awaited across Europe, expected in the early hours of Monday.

If Renzi goes, some short-term market turbulence is inevitable. Some analysts fear a deeper crisis of investor confidence that could derail a rescue scheme for Italy’s most indebted banks, triggering a wider financial crisis across the eurozone. If he wins, Italy’s youngest PM will take it as a mandate to accelerate reforms in areas such as public administration and the judicial system. AFP

IF HE LOSES, ANALYSTS FEAR A DEEPER

CRISIS OF INVESTOR CONFIDENCE THAT COULD DERAIL A RESCUE SCHEME FOR ITALY’S MOST INDEBTED BANKS