Italian banking crisis

Trading in the troubled bank’s shares was repeatedly halted on the Italian stock exchange on Friday. The MPS share price closed 10% lower as the bank’s board held a meeting that had already been scheduled before the reports that the ECB had rejected its calls for an extension to the deadline to bolster its financial position.

The reform, which intended to eliminate the model known as ‘perfect bicameralism’ and reduce the amount of members of the Senate, among other things, didn’t reach the majority of votes, and therefore Renzi, at midnight in Italy, announced on TV that he will officially submit his resignation to the President of the Republic. ‘The Italian people have spoken unequivocally (…) I lost and I will leave my seat. My experience in government has come to an end’, the Prime Minister said in press round filled with journalists. Renzi expressed the need to make reforms in Italy, and called to keep on fighting.