Trading news

''No'' takes over Matteo Renzi's plan

The ''No'' vote took over yesterday's constitutional referendum in Italy, with Matteo Renzi's attempts in running its nation via a faster procedure failing the most.

''Yes'' was not an option

On the other hand, a ''Yes'' vote would have meant that the proposed laws were to require approval only by the lower house of parliament, and not by the senate.

Following the outcome, Matteo Renzi announced its resignation, while the European politicians reacted with both anxiety and satisfaction, waiting to see the short-term and long-term prospects of the Italian nation.

Both Renzi's resignation and the ''no vote'' may have a significant impact on the recapitalisation plans of the banks, as well as imposing political risks for the near future.

Furthermore, the euro struggled, being extremely bearish, before acquiring an astonishing bullish momentum, amid the scenario that Italy will highly unlikely be leaving the EU or the euro zone, and with the probabilities for a caretaker government taking over increasing, highlighting that no elections could occur before 2018.

Moreover, the banks must raise new capital in overcoming probable stock devaluations that could be fatal for the banking system.

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Monday, 05 Dec, 2016 / 1:46

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Source : https://www.argusfx.com/en/research-education/market-analysis/news/no-takes-over-matteo-renzi-s-plan

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