Italian referendum
Too many no's, Renzi goes After a strong rejection of constitutional reform in the Italian referendum, Prime Minister Matteo Renzi resigned. We still believe that there won’t be a snap election, as we do not think that the president will send the country to new elections before parliament has approved a new electoral law for the upper house of parliament. However, the strong rejection could open a new period of political instability in Italy, and the eurozone, causing a negative market reaction and possible concerns about the future of the single currency.