Mass Migration and Bank Weakness Threaten The Italian Economy

In the wake of the Italian referendum results and Matteo Renzi’s subsequent resignation, the level of uncertainty in Italy continues to grow both inside the country and among foreign investors.
As many expected, Banco Monte dei Paschi’s shares fell sharply on the news of Renzi’s defeat. And markets reacted in risk off fashion much like they did post-Brexit, with European stocks, US futures and the Euro all rising in response to the news. And it’s likely to stay that way until some sense of calm returns to the market.