FIRST AIRED: December 4, 2016

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>> For the Italian Prime Minister, Matteo Renzi, this is a career defining vote. He's risked his political future on Sunday's referendum, promising to resign if he doesn't get his way. And opinion polls aren't in his favor, Italians are to vote either yes or no to Renzi's plan to streamline parliament, but for many voters, the choice is bigger than that.
It's become a judgement on his leadership. And book makers say no is the clear favorite to win.>> Viva Italia!>> Every opinion poll published in November has gone against Renzi. But the Prime Minister insists public mood has been changing in the final days of his campaign.>>
>> European leaders are watching closely, fearing yet another crisis for the Eurozone.>> The problem if Renzi loses is that it could usher in a period of political instability in Italy and investors hate that. The first to feel the consequences are likely to be Italy's debt-laden banks. Italy's third largest lender Monte dei Paschi di Siena needs five billion Euros for the market next week.
And if there is political turmoil, the investors will stay away. And behind Monte dei Paschi di Siena, there are seven other banks in great trouble, so you could see a domino effect.>> For both Italy and Europe then, the stakes for Sunday's vote couldn't be much higher.