Italy referendum on statute reform to fix Renzi’s future

Financial markets and Europe’s politicians fear victory for the opposition ‘No’ camp could trigger political instability and renewed turmoil for Italy’s battered banks, pushing the euro zone towards a fresh crisis. Polls opened at 7 am, with about 51 million Italians eligible to vote on Renzi’s plan to drastically reduce the role of the upper house Senate and claw back powers from regional authorities.

With all the opposition parties lined up against the reform, a victory for Renzi would be a surprise and represent an enormous personal triumph for Italy’s youngest prime minister who often appeared to be fighting the campaign single-handed. 

All surveys published in the month before a blackout was imposed on November 18 put the ‘No’ camp ahead. Private polls have continued to be conducted in the last two weeks and bookmakers say ‘No’ remains the clear favourite to win.

However, in the final days of frenetic campaigning Renzi insisted the public mood was changing, focusing his attention on the millions of Italians who said they were undecided. 

Pippo Nicosia, a stall-holder at Campo dei Fiori market in central Rome, said he would vote ‘Yes’ but had no doubt about the result. “’No’ will win, everything will collapse so we might as well all go on holiday,” he said.