Renzi's reforms are 'good — EU's Juncker

Renzi's reforms are 'good — EU's Juncker

"We want self-government, we want self-management, autonomy, and after December 4, a great popular movement, an worldwide of the commons against the oligarchy", he told the crowd.

Renzi has already won the backing of outgoing US President Barack Obama and key business leaders. Markets are showing stresses even ahead of the December 4 referendum because of what it might unleash.

Investors are on edge as Italian Prime Minister Matteo Renzi battles to stave off a humiliating defeat in a referendum on reforming the country's constitution, which could trigger a fresh outbreak of turbulence in the eurozone. Italians will be called on December 4 t. This can happen if the result of the referendum in the country sharply raise the debt service for the largest debtor in the Eurozone and lead to turmoil in financial markets.

Renzi- Should he stay or should he go?

Italy's banks have seen heavy share price drops ahead of Sunday's vote, as anxious investors already start to look for the exit. He reiterated what he considers the importance of the vote for the future of democracy in Italy, but also noted the impact it will have if he is defeated by "no" voters.

A vocal supporter of USA president-elect Donald Trump and a fierce critic of mass immigration, Salvini said he would place quitting the single euro currency at the heart of his election manifesto.

"Go with your gut". This said, the market reaction is very dependent on the political path following the "No" vote.

"If you vote No you'll have to keep the same people, if you're happy with that, everyone's happy".

Protesters in Italy have staged an anti-government demonstration in the capital city of Rome to protest against proposed constitutional reforms. "A government is less important than a reform that could change Italy for the next 50 years", he said and added, "Whether "Yes", or "No" wins, democracy will certainly win". "Italy is the worst country for bureaucracy around the world". One of them is if at least one-fifth of the lawmakers in one of Parliament's chambers ask for it.

Mr. Renzi's statements that he will resign if the ballot - which is created to streamline Italian government - fails has markets concerned that this might open the door to the opposition 5-Star Movement, which has denounced the single currency.

The result is highly uncertain, with final polls ahead of Sunday's vote showing about a quarter of Italians remain undecided. But so far Italy's economy has resisted efforts to get it growing again. Polls suggest support for a "yes" vote is as low as 34 per cent.

Italy sold a five-year bond paying 0.91 percent up from 0.57 percent when it last sold it in late October.

"Governing Italy has always been a hard affair", said Carsten Nickel, a Brussels-based political risk analyst for Teneo Intelligence.

"This is a reform that tries to imagine a country that moves at one speed, not at two different speeds, and we are pushing that idea", said Raciti. Early on, he threatened to quit if the "no" vote prevailed, making the vote about Renzi himself.

Then a rush to hammer out a new electoral law is expected.

Founded in 2009 by a comedian named Beppe Grillo, the Five Star Movement has echoed Mr Trump's right-wing campaign rhetoric, and also promised to take Italy out of the European Union. With a tax fraud conviction keeping the 80-year-old Berlusconi out of public office, his Forza Italia party is largely in disarray. He called Renzi's changes a "modest constitutional reform" that lacked the "necessary clarity or depth".

Because of a manslaughter conviction from a vehicle accident, Grillo himself cannot hold public office, but a prominent ally in his Movement could run for the premiership. With 5-Star polling at about 30%, it has a chance at leading a new government.