Italy might leave the euro zone

Italy might leave the euro zone

By: Simon Furman | Where To Trade | On:Tuesday, 29 November, 2016
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 Rumors say that Italy might follow UK's footsteps and leave the euro zone, and the recent surveys confirm it.

Europe has its eyes on Italy, where, on Sunday, a referendum will be hold. The referendum discuss the National Constitution, and will determine if Prime Minister Mateo Renzi could facilitate passing legislation to the Italy's Senate.

After recent surveys, the citizens are, apparently, voting for "no", a vote that has an important role in Mateo Renzi's professional life. 
Italy's Prime Minister is expected to resign if the majority vote will be a "no" after the referendum on Sunday.
If Renzi will resign, the opportunity for anti-euro Five Star Movement Group will be given to take over representation in Italy. 

In the light of future events, concerns have rose and put pressure on the Euro on Tuesday, making the currency lose ground against the dollar and the American dollar. 
European Central Bank declared that Italy is one of euro zone's largest debtors, and it's ready to temporarily rose purchases of Italian government bonds in case of a important change after the Sunday's referendum, like rising borrowing costs for Italy.

Investors saw that coming and shares of Italian bank already sold off. Polls on the constitutional reforms already weigh on a "no" vote, giving all images of what could be one of the biggest revolts in the late history.

 

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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