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“The euro as it exists today doesn’t work and we need to consider other alternatives such as a euro 2 or alternative currencies,” Luigi Di Maio, a party leader in the lower house of parliament, said Tuesday night on a television talk show.
In addition to winning the mayoral race in Rome, the Italian capital and the country’s largest city, the 5 Star Movement won in 18 of 19 other runoff races where it had a candidate that made it through the first round of voting. Until now the upstart political party formed seven years ago has won municipal elections only in relatively small cities and towns.
Although Italian referendums can’t change international treaties—a victory for those voting to leave the euro wouldn’t have any legal standing—it would put pressure on the government to act. Italian Prime Minister Matteo Renzi and his Democratic Party have never called into question Italy’s participation in the European single currency.
Italy is Next. Whatever or not UK remains Italy wants out. After years of suffering. Its Italians want out but the politicians do not.
Italy or more precisely the 5 star movement wants a 2 tier Euro currency, but remaining in the Euro Union.
These victories are a blow to Matteo Renzi, Italy’s centre-left leader, at a difficult moment in his premiership. He needs to find fresh momentum after these defeats if he is to consolidate his power and press ahead with the economic reforms that are necessary.