ML-Implode News - Italian vote against the elites could shatter Europe

The danger for Italy now is that a string of unpredictable outcomes -- ranging from a difficult-to-control euro decline to a run on troubled Italian banks and a further loss of credibility of the European Central Bank -- could ensue. With the main opposition parties that backed the "no" vote all declaring their wish to leave the euro , and antiestablishment groupings gaining ground in other important member countries including France, European fragmentation is plainly accelerating.
The Italian "no" could have a similar impact on Europe to that unleashed by President Charles de Gaulle's resignation in April 1969 when, in a referendum, voters turned down his plans for constitutional changes. De Gaulle's departure helped spark a chain of events that led to a devaluation of the French franc against the Deutsche mark, the entry of the U.K. into the European Economic Community, and the breakdown of the Bretton Woods system of fixed exchange rates.

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Italian vote against the elites could shatter Europe