Mark your calendar for Italian referendum on December 4th

Italian Prime Minister is betting his and the country’s political future on a referendum that would enable the government to pursue political reforms. If passed, all is likely to be well, if not, Italy could be at a brink of another political crisis. Setting the date for December 4th means that Italian Prime Minister Matteo Renzi has about 10 weeks to make the public vote in favor of it.

The constitutional reforms being ambitioned by Mr. Renzi are the most sweeping since the Second World War that sharply diminishes the size and powers of the Senate in an attempt to streamline legislation. Italy has been notorious for institutional and political gridlocks. The reforms package has passed through the parliaments but failed to garner the necessary two-third majority it demands to change the constitution. This reform has been a major cornerstone of his political promises as he came to power.

Mr. Renzi has said that he would resign if the voters reject the referendum; so this opportunity would be seized by his opposition to remove him from power. If it happens, Italy would once more would see the bitter days of political battles.