Italians started to vote on Sunday in a referendum on constitutional reform which will decide the political future of Prime Minister Matteo Renzi, who has promised to resign if he loses. Private polls have continued to be conducted in the last two weeks and bookmakers say 'No' remains the clear favorite to win. After around 30 minutes, the first projections of the result will be announced on the basis of actual votes counted. The bank needs to raise 5 billion euros (US$5.3 billion) by the end of the year to plug a capital shortfall or risk being wound down. Government officials say potential investors may be deterred by political instability if 'No' should win.

Source: Egypt Independent December 04, 2016 08:26 UTC