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World

Obama and EU tell Renzi to stick by Italy

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World

Obama and EU tell Renzi to stick by Italy

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COMING UP:Obama and EU tell Renzi to stick by Italy

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Transcript

00:00:00
>> One last goodbye from EU leaders before Obama leaves office in January, but his Italian counterpart may beat him to the door.>> Prime Minister Matteo Renzi promising to resign if Italy votes against his constitutional reforms on the 4th of December. It would be the third antiestablishment revolt from a major western country and Reuters' Crispian Balmer says his threat to step down hasn't gone down well with his fellow leaders.
00:00:27
>> President Obama certainly wants Renzi to stay in office. They're all concerned to see renewed political instability in the eurozone's third largest economy during what are really quite testing times. There's also obviously a big problem with Italy's banks, and I think world leaders fear that the political chaos triggered by government instability here could cause a banking crisis that really they are in no position to resolve.
00:00:55
>> Renzi started off confident with an initial backing of 70% of Italians, a deja vu for campaigners from the U.S. elections and Britain's EU referendum.>> Renzi, like Cameron, were initially very confident that they would win and realized perhaps when it was getting to be very late that the odds were stacked against them.
00:01:18
I think what's also happened is you've got this feeling of antiestablishment, which played a big part in Donald Trump's victory in the United States, with people wanting to defy what they see as the elite, the elective elite, and tell them, no, we don't think things are going well, and we're not just gonna buy into your plans or projects.
00:01:39
>> The final opinion poll showed a sizable lead for the no camp, but with up to a quarter of voters undecided, Renzi's camp say they could turn it around before polls close on Sunday.