Italian PM Matteo Renzi previously said that if he lost the referendum he would resign
The signs don't look to good for Matteo Renzi, if the latest polls are to be believed. On Sunday Dec 4th, Italy votes on new constitutional rules to shake up the political processes currently in place.
Bloomberg summary of Italian referendum surveys
After Renzi announced the measures he needed a two-thirds majority in parliament to pass them but a that failed and so it's going to the public. Shortly after that happened he announced that if it didn't pass he would quit. It looks like many voters are letting him know that he might have to make good on that promise as nearly all the polls show that they will vote against the measures.
We know that polls aren't the most accurate measures of voting intentions so these results could just be a protest vote. However, this has the makings of bringing further political instability to Italy and Europe. The result comes four days before the ECB meeting too so that will inject even more volatility into that week.
We might be moaning about the lack of volatility in the euro now but come December, it could be a case of 'be careful what you wish for' ;-)
