Voters in Italy sent a message to Rome: enough of the rhetoric-we want results, as long as they include more of the same assurances. Mr. Renzi has vowed to resign. His next move is to notify President Mattarella his timetable for his exit. The economy of Italy will be the first to feel the effects of the election. Banks will have to gear up for a further decline in the value of the Euro as it nears parity with the dollar, last seen almost 14 years ago. For a number of years, the Euro traded below par with the $. However, international bankers both here and in Europe decided that the Euro was a stronger currency. That view will have to be revised.
An interim government will be formed at the behest of the president. The new, temporary Prime Minister will then announce a date for a new election. Then, the fun begins again for Italians, those besieged voters who only hope for stability. The Members of the EU staff in Brussels will try to parse the election results and how it will ultimately affect the EU. Nobody knows, but many are in fear of more "Brexit"-type moves. Could this be the end of the EU? Possible. But, cooler heads may prevail, especially in France and Germany. Angela Merkel in Germany will have her work cut for her over the next few months. Good Luck, Angela.
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