Italian PM Matteo Renzi to resign in wake of referendum defeat

Skynews

Matteo Renzi, who staked his future on winning the vote, says he takes full responsibility for the "extraordinarily clear" defeat........Mr Renzi had staked his future on a "Yes" vote, vowing to quit if voters rejected his plans - which opponents denounced as dangerous for democracy - to reduce the role of the country's Senate and take back powers from regional authorities.........Spearheaded by the populist Five Star Movement, the biggest rival to Mr Renzi's Democratic party, the "No" campaign took advantage of the Mr Renzi's declining popularity, a struggling economy and problems caused by tens of thousands of migrants arriving from Africa........But it is another blow to the European Union, which is struggling to overcome a number of crises and was keen for Mr Renzi to continue his reform drive......To Read More....

My Take - I've stated this was to be expected - a shift from multuculturalist socialists in power to nationalist socialists in Europe.  But this group is really strange, and I think reflecting what I've considered the irrationality of Itialians and their view of how the country should be run.  This is a populist "movement", not a political party, which is becoming an international trend.  The difference between them is what's popular.   With this group "popular" is even more irrational than the government they just toppled believing in an odd convergence of values. 

Economically they embrace the "theories of degrowth, supporting the creation of "green jobs" and the rejection of polluting and expensive "great works", including incinerators and high-speed rail, aiming to an overall better quality of life and greater social justice.  The Five Star Movement proposes the adoption of large-scale energy projects, elimination of waste, sustainable mobility, protection of territory from overbuilding, teleworking."

"The movement's political discourse often refers to the Internet as a solution to many social, economic, and environmental problems. This approach bears similarities with North-American cyber-utopianism and the Californian Ideology."

It's my view this will further speed up the process of destroying Italy's economy and strengthen the next real nationalist socialist waiting in the wings.