Italian Banks Need to Be Aggressive in Wake of 'No' Vote and Renzi Resignation
Italy voted no by a 20-point margin in Sunday’s referendum on constitutional changes. Given the magnitude of the loss, Prime Minister Matteo Renzi said he would resign. We see this as neither a Brexit nor a Trump moment for European investors, as Italian politicians have been aware of this possible outcome since the summer, and they have been clear on the next steps needed. Given the reduced uncertainty and expectation that the Italian status quo will be maintained (Italy has had 63 governments ...
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