What is 'Italexit (Italeave)'

Italexit, short for "Italy exit," also known as Italeave, is an Italian derivative of the term Brexit, which refers to the June 2016 United Kingdom vote to leave the European Union. Other countries with extremist parties that have acknowledged their own versions of the possibility of leaving the EU include France (Frexit), Austria (Oustria) and the Czech Republic (Czech-out). Each country's specific political interests depend on the country's situation and the extremist party's values.

BREAKING DOWN 'Italexit (Italeave)'


Reasons for Leaving the European Union

Throughout Europe, far-end political parties have latched on to the idea of leaving the European Union. The sentiment for leaving is often related to a loss of sovereignty when in the EU, high financial contributions to the Union, as well as specific issues that can vary by country, for example immigration and healthcare. 

While the majority of academics and mainstream politics tend to argue for the Union to stay intact, the Brexit vote has inspired far-end parties to intensify their efforts to split from the EU.

Italian Politics

At the forefront of Italexit is the Five Star Movement, started in 2009. The Five Star Movement is the second most popular party in Italy, behind the Democratic Party, which is led by Prime Minister Matteo Renzi. The Five Star movement was already gaining steam prior to Brexit, as the party experienced success in local elections, electing Virginia Raggi and Chiara Appendino as mayors of Rome and Turin, respectively. While the turnout was relatively low, the vote serves as an indication of the state of Italian politics. The forward motion of the Five Star Movement will likely hinge on the success of Brexit in the United Kingdom.

Global Consequences

The immediate consequenses of the Brexit vote were not favorable to either the UK or the EU. Gobal stock markets plunged. The UK's credit rating was quickly downgraded by the three major credit agencies: Standard and Poor's, Moody's, and Fitch, and the British pound hit its lowest exchange rate sonce 1985. Prime Minister David Cameron, who opposed Brexit, announced that he plans to step down from office in mid-July of 2016, and will be succeeded by Theresa May. A trade agreement between the UK and the EU will not be negotiated until the UK files Article 50 to separate from the EU, until then markets are left in uncertainty.

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