Irritating Italy

The next shock to the global economy may come this Sunday. That’s when Italians vote on constitutional changes that Prime Minister Renzi has bet his job on and that aim to reduce institutional paralysis. Polls show Renzi’s referendum failing, forcing new elections. The fear is that the populist Five Star Movement, led by comedian Beppe Grillo wins and tries to pull Italy out of the EU. The Europe/euro crisis returns.