An earthquake, this time a political one, came Sunday night from Italy, where voters — according to early results — rejected the EU-dictated constitutional reform with an overwhelming majority of 60% to 40%.
After Brexit and the anti-Obama/Hillary Clinton vote in the U.S.A., this is the third shock to hit and it has European-wide and global implications.
A turbulent phase has now been opened. Prime Minister Matteo Renzi is expected to resign today and a pre-announced speculative attack against Italian assets will be unleashed. This can precipitate a banking crisis which can rapidly spread contagion throughout the entire financial system.
Italy will shortly face a choice: either impose financial fascism or leave the euro and implement national emergency legislation. It is possible that new elections will be held in a short period, on the backdrop of such a crisis.