An upcoming referendum in Italy on constitutional reform could prove an even greater shock to EU stability than Brexit, according to commentators. Italy is the eurozone’s most vulnerable region with bank stocks plunging by a third after the UK’s vote last week.
PM Matteo Renzi has wagered his job on the outcome of the referendum and in the meantime is prepared to defy the EU and pump billions of euros into its troubled banks. This would be a last-resort move that would smash through the EU’s new regime for handling ailing banks, which rules that creditors rather than taxpayers fund bank rescues.
The central Bank of Italy, 10 Aug 1893, is looking very panicked now and through 2017 with tr Saturn square tr Neptune in hard aspect to the Neptune Pluto in Gemini square the financial Venus in Virgo. So no quick n simple solutions. With a major upheaval come 2018 as Solar Arc Uranus squares Pluto, which begins several years of increasing instability thereafter
Matteo Renzi’s Term chart, 22 Feb 2014 11.30am Rome, does have the topple-off-the-edge Solar Arc Uranus square Pluto, exact in two months time, so he may succumb to the national whim. If he survives, he’s facing a punishing time ahead with tr Pluto opposition his Saturn till late year; with tr Uranus square his Capricorn Sun.