Koskinen Explains Quiet Revision of Key Refund Fraud Estimate

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Renzi's Loss a Blow to EU but a Victory for Democracy, Populism

Jeremy Scott

Italian Prime Minister Matteo Renzi bet his political future on a somewhat convoluted constitutional referendum that was designed to make it much easier for his center-left coalition to govern without majority support from voters.  He bet big, and he lost big, because Italians rejected the constitutional changes proposed by the prime minister, who promptly announced his resignation.  The outcome is both a major victory for democracy and a sharp setback for the EU and possibly the eurozone.

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