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| December 11, 2017

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Euro under the gun, shares hit after Italy votes 'no' on reform -

Employee of a foreign exchange trading company works near monitors showing Italian Prime Minister Matteo Renzi on TV news, and the Japanese yen's exchange rate against the euro in TokyoBy Nichola Saminather and Wayne Cole SINGAPORE/SYDNEY (Reuters) – The euro was under the gun on Monday, skidding to a 20-month low after Italian Prime Minister Matteo Renzi said he would resign following a stinging defeat on constitutional reform that could destabilize the country's shaky banking system. Renzi's defeat deals a body blow to the European Union already reeling under anti-establishment anger that led to the shock exit of UK from the club in June this year. "But in the long run, this will delay progress in Italy's efforts to get rid of banks' bad debt and is likely to widen the yield spread of German Bunts and the Italian bonds," he added.



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