As Italian Prime Minister Matteo Renzi’s attempt to amend the constitution ended in a spectacular failure, it remains unclear whether his reform would’ve brought the changes he wanted even if the voters supported him.

Addressing the nation Mr. Renzi said that he takes full responsibility for the defeat. “When you lose you cannot pretend that nothing has happened and go to bed and sleep. My government ends here today,” Renzi said, adding that tomorrow he would meet with President Sergio Mattarella and tender his resignation.

Federico Petroni, Contributing Editor at Limes Magazine and Co-founder of iMerica website, told Radio Sputnik that the fact that Renzi’s proposed reform failed is hardly a surprise.

Petroni pointed out that while he actually voted ‘yes’ during the referendum, he had serious misgivings about the new composition of the Senate “which would’ve selected its members among the regional parliaments” which, according to him, “are not suited at all to represent the country.”

At this point, he added, it appears that the Five Star Movement, which is currently pushing for a non-binding referendum on Italy’s membership in Euro zone, appears to be the biggest winner in this situation.

“They (the Five Star Movement) are the main winners because they have the biggest consensus behind them. In my opinion, if we were to vote today the Five Stars would win the election,” he said.

Nevertheless, even a non-binding vote on the country’s membership in the EU and on the use of the single European currency means that the future of the euro looks pretty bleak due to the fact that Italy is “simply too big to fail,” but the “future of instability” is not necessarily a “terrible scenario,” he remarked.

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