The opening segment this past Sunday featured Italy and its young Premier, Matteo Renzi, the 41 year old leader of this Western European mainstay. He revealed his position concerning this coming Sunday's referendum Election.. He has staked his political future on the outcome. He hopes to change how politics is done on the peninsula. He wants to reduce the number of senators in parliament in an attempt to reduce the roadblocks that exist to thwart legislation that is needed to push the economic growth of the nation. Growth or lack there of has hampered all segments of the economy. The banking sector stands out as the weak link of the entire economy. Hundreds of millions of Euros in bad loans has weakened the banks ability to fund business expansion. The ECB, managed by Italian Mario Draghi, has been doing all it can to promote business development and economic expansion without much success for the past 3 years.
Matteo Renzi represents a significant change from business as usual in Italy. At age 39, he was the youngest premier in Italy's history. The former mayor of Florence rocketed to the top spot in record time. Timing was on his side as unemployment rose and the ECB promoted austerity at all costs. Wages were cut and businesses closed, putting people out of work from north to south.
The election is Sunday. The members of the EU await the outcome, knowing there is change in the wind. (See UK and France and USA). Will the populist approach find fertile ground in Italy? The 5 Star MOvement is waiting in the wings. This radical party of followers of Beppo Grillo the comedian hope to secure a large segment of Parliament. Horrors.
We'll see.
The newly elected mayor of Rome is opposed to this referendum. The political neophyte doesn't have much of a clue about the meaning of this referendum. Her opposition is based on misperceptions of her role: that is-what's good for the country is good for Romani.
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