Italian Referendum No-Vote Could Lead Entire EU Banking System to Collapse

Thursday, December 1, 2016
By Paul Martin

Italian citizens will decide on a constitutional reform in a referendum that will take place on December 4. Financial expert Ernst Wolff fears that a “no-vote” would lead to serious troubles for Italian banks and the European financial system in general.

On the one hand, the expert argues that the victory of the “yes-votes” would mean the demolition of democracy as such because the government will be given many possibilities to adopt laws that are not accepted by the population.

The reform would lead to a “strengthening of the authoritarian state,” Wolff said in an interview with Sputnik Germany.

At the same time if Italians do not vote for the changes, it will bring the Italian and European banks great difficulties, Wolff argued.

“Italian banks will be in trouble. Although difficulties exist anyway. The problems of the Italian banks are actually unresolvable. They sit on rotten loans that officially amount to 360 to 400 billion euros. Unofficially, they reach 600 to 800 billion euros. These are huge problems and these problems are supposed to be solved via referendum,” the expert said.

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