UPDATE 2: Euro extends losses, now down by 1.02%.

UPDATE: Renzi is fucked.

Early elections will likely be held and Italy’s move towards leaving the EU will begin shortly.

Italians have completed their democratic duties and the polls are now closed. Early exit polling suggests a big win for the “NO” crowd at 55%. If this is the case, the Five Star Movement shall rise, Renzi shall fall, and Merkel will tremble at the specter of an Italian exit from the EU — which will undoubtedly rock markets like GREXIT rumors to the power of 10.

#BREAKING Italy's Renzi loses referendum on constitutional reform: exit polls — AFP news agency (@AFP) December 4, 2016

Markets are responding to this news by plunging the euro — off by 0.75% v the dollar.

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