Italy After the Referendum

Italy's voters have spoken loud and clear. During Sunday's referendum on constitutional reforms, more than 65 percent of the country's electorate turned out. Nearly 60 percent of voters rejected the measures, prompting Prime Minister Matteo Renzi to resign immediately after the results were announced, as promised. Renzi's quick resignation, coupled with the international market's staid response to the vote's outcome, suggests that the immediate repercussions will not be as dramatic as some in Italy and abroad had expected. Nevertheless, Italy's political and financial troubles will endure, as will its threat to the eurozone....