Renzi Has a Few Jobs Remaining Before He Resigns

On the eve of his resignation, Italian Prime Minister Matteo Renzi will seek to rally his divided party and map out its future strategy in the aftermath of a crushing referendum defeat.

As Renzi addresses senior members of the Democratic Party on Wednesday afternoon, discussing options such as a grand coalition, the Senate will hold a confidence vote to clear the final hurdle of the 2017 budget — a step President Sergio Mattarella insisted on before Renzi formally steps down. The lower house has already approved the budget.

In his last hours in power, the 41-year-old premier will be looking into ways to preserve his political legacy while fielding attacks by dissidents who had campaigned openly for a ‘No’ vote in Sunday’s constitutional referendum. Those critics are now emboldened by the fact that Italians rejected Renzi’s signature reform by an unexpectedly wide margin.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.