Italxit - vote for 5 Star Movement

We wake again to a Eurozone change, just like we woke up to Brexit. That very moment we thought about possible Italexit. So what was this referendum about?

Matteo Renzi, who came to power two years ago aged just 39, wanted to streamline Italy’s political system so he can push through a major economic reform package. He wanted to reduce the number of senators and limit the senate’s power relative to the lower House of Parliament. He also wanted to reduce the political power of Italy’s regions.

Few dispute that economic reforms are necessary: the Italian economy has essentially gone nowhere for 16 years and unemployment is high at 11.5 per cent. With the exception of Greece, Italy has had the worst performance of any eurozone country since the 2008 financial crisis.

Now the Five star movement has brought this change when PM Renzi is now forced to resign. Nearly 60% voted for a NO.

The populist Five Star Movement has become Italy's biggest political opposition group. It doesn't consider itself left wing or right wing—or even a political "party." So what does the Five star movement want?

The 5 Star Movement says it wants root-and-branch change. It is calling for lower taxes and a guaranteed income for citizens. It wants to abrogate European Union-imposed spending limits and renegotiate part of Italy’s $2.1 trillion in government debt. It also supports a non-binding referendum on Italy’s membership in the euro.

Mr. Grillo has also discussed the idea of introducing a parallel currency. “We could think about two currencies: a national one and one that we use abroad, a sort of two-speed euro,” Mr. Grillo has said.

Two-thirds of Italians disapprove of the way the EU handles economic issues, but a majority still see the bloc favorably, according to a survey done earlier this year by the Pew Research Center. Mirroring developments in the vast majority of other European countries, the number of Italians with a favorable view of the EU has come down in the past decade. But 58% still see the bloc favorably, compared with 50% in Germany, 44% in the U.K. and 27% in France. Italians favoring the EU actually rose in 2015 after a steady decline, but then dipped again this year.

So what are we going to see in near future. A weaker Euro? A weaker Eurozone? Or some new resolutions? Some radical expressions are already being made in the Eurozone. So we all can see the start of De-globalization process.

Somewhere the basics have gone wrong.

Somewhere the simple things are being ignored. Simple things which are important details. That's where the devil dwells.

Do not even feel like writing .... Let's wait for the Spain-exit or any other exit.

*** courtesy Wall Street journal (USA) specially Deborah J Wall for some figures that have been taken from their published materials.