FT columnist: After Brexit, Italy will follow shortly

Brexit is just the beginning, to provide a negative future is the prestigious Financial Times in an editorial signed by Wolfgang Munchau, known for being generous with catastrophic forecasts, prefers the title "Italy could be the next domino piece to fall".

Proposing a comparison between the referendum just held in Britain, the date set for October in Italy on constitutional reforms, on which the President of the Council Matteo Renzi has bet a lot, and that the Referendum of 5 Stars leader, Beppe Grillo, has just reiterated it intends to play on the euro, the columnist goes on to hypothesize Italy out of the single currency.

Well, Wolfgang Munchau writes, the output "in a short time would trigger a complete collapse of the eurozone. Probably would lead to more violent economic shock in history, surpassing the Lehman Brothers bankruptcy in 2008 and also the 1929" Wall Street crash.

"And my feeling – adds in the text – is that those who would maintain the exit from the euro would like that the whole building collapsed." And adding pepper, he believes that the chances of this occurring are not remote.

Indeed, according to his analysis, Italians have good reason to invoke change. "Unlike in the UK, unemployment remains high. The government led by Renzi failed to make a breakthrough on the corruption scandals and, above all, failed to revive the economy." And to avoid this doomsday scenario "European leaders should seriously consider to do what they failed to do since 2008: to resolve the multiple crises the Union, rather than get by. And this – Munchau warns – requires a plan for a political union of eurozone countries ".