- Title: What next for Italy after PM resignation?
- Date: 5th December 2016
- Summary: ROME, ITALY (DECEMBER 5, 2016) (REUTERS) NEWSPAPER KIOSK MAN BUYING NEWSPAPER (SOUNDBITE) (English) PROFESSOR OF POLITICAL SCIENCE AT LUISS UNIVERSITY, GIOVANNI ORSINA, SAYING: "Certainly we are going to have a period of uncertainty. I don't think - I do not expect it to be too long so in the very next days I think the president is going to try to find a majority and he's going to find it. So we do not know what kind of government we shall have but certainly in a few days we are going to have a new government." NEWSPAPER KIOSK MAN PAYING FOR NEWSPAPER (SOUNDBITE) (English) PROFESSOR OF POLITICAL SCIENCE AT LUISS UNIVERSITY, GIOVANNI ORSINA, SAYING: "I don't think that the result of the referendum is going to be a crucial factor in the future of Italy in the international scene and in Europe. I think this is just one sign post along the road, one step on a much more complicated road. So I expect the markets to have problems today, possibly tomorrow, but then to wait and to see whether Italy is able to find some kind of solution, some kind of re-stabilisation." OLD MAN CARRYING NEWSPAPER WALKING ALONG STREET MAN'S HAND CLUTCHING NEWSPAPER (SOUNDBITE) (English) PROFESSOR OF POLITICAL SCIENCE AT LUISS UNIVERSITY, GIOVANNI ORSINA, SAYING: "So certainly Europe is worse off today even though all the talks about 'Italexit' or the end of Europe are way too exaggerated." ITALIAN AND EU FLAG FLYING OUTSIDE PRIME MINISTER'S RESIDENCE / SECURITY OUTSIDE PRIME MINISTER'S RESIDENCE EXTERIOR OF PRIME MINISTER'S RESIDENCE
- Embargoed: 20th December 2016 09:53
- Keywords: Italy Prime Minister Matteo Renzi resignation Europe
- Location: ROME, ITALY
- City: ROME, ITALY
- Country: Italy
- Reuters ID: LVA0015BLX5QF
- Aspect Ratio: 16:9
- Story Text: Italy will face a period of instability after Italian Prime Minister Matteo Renzi's decision to resign but a new government will soon be formed, political science professor Giovanni Orsina said on Monday (December 5).
Italians voted on Sunday (December 4) against constitutional reform proposed by Renzi's government aimed at simplifying the legislative process by reducing the powers of the upper house Senate and regional authorities.
Renzi announced he would leave office in the early hours of Monday after initial results suggested a crushing defeat, tipping the euro zone's third-largest economy into political turmoil.
But according to Orsina, political uncertainty would not last long.
"In the very next days I think the president is going to try to find a majority and he's going to find it. So we do not know what kind of government we shall have but certainly in a few days we are going to have a new government," he said.
Renzi's decision to quit after just two-and-a-half years in office, deals a blow to the European Union, already reeling from multiple crises and struggling to overcome anti-establishment forces that have battered the Western world this year.
The euro fell to 20-month lows against the dollar, with markets worried that instability in Italy could deal a hammer blow to Italy's fragile banking sector.
But Orsina played down fears that Italy's vote could reignite a dormant financial crisis.
"...certainly Europe is worse off today even though all the talks about 'Italexit' or the end of Europe are way too exaggerated," he said.
Italian President Sergio Mattarella will have to embark on a round of consultations with party leaders before naming a new prime minister -- Italy's fifth in as many years -- who will be tasked with drawing up a new electoral law. - Copyright Holder: REUTERS
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