“This weekend, Italian voters shot down a constitutional change aimed at creating a stronger government, but would have also had the immediate impact of bolstering Italy’s current leadership. The result appears to be another example of voters wanting to punish those in power, even in the absence of obvious alternatives. Already, the vote has thrown European markets into turmoil, with the value of Italian bonds tumbling.
And it will leave Italy without a prime minister for now. Prime Minister Matteo Renzi had called the referendum and made it into a personal vote of confidence. Following the vote, Renzi announced that he would step down.”