Sunday's much-anticipated Italian referendum on constitutional reforms produced a "no" vote by an overwhelming margin. Italy's prime minister immediately resigned. Many markets initially were gyrated on the news, but quickly settled down. The government-backed no-vote was not unexpected by the market place. Still, this latest development is another sign of the insecurity of the European Union and the growing potential for continued fragmentation of the EU. The Italian vote was especially worrisome to the European banking and financial sector.
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