Paul Murphy (Dublin South West, Anti-Austerity Alliance) | Oireachtas source

I have zero confidence that the political establishment across Europe will learn any of the lessons from this. As stated by Wolfgang Münchau:

Some revolutions could have been avoided if the old guard had only refrained from provocation. There is no proof of a "let them eat cake" incident. But this is the kind of thing Marie Antoinette could have said. It rings true. The Bourbons were hard to beat as the quintessential out-of-touch establishment. They have competition now.

This is what we have seen and are going to see again and again. If people choose to interpret the referendum result in an extremely narrow way then they are missing the process that is happening. I would draw a distinction between the defeat of FPO candidate, Mr. Hofer, in Austria, which shows that the outrage does not have to lead to the rise of the radical right, and the defeat of this referendum in Italy. To say that there is no problem in this regard in terms of knock-on effects to the banking system is to ignore what is happening and the dangers arising therefrom. The term "La Sofferenza" which means "the suffering" is used in regard to non-performing loans. Some 18% of loans from Italian banks are non-performing loans, which is primarily linked to the bad performance of the Italian economy and the weakness of the small and medium enterprise sector in particular. The amount of non-performing loans increased from €42 billion to €170 billion from 2008 to 2014 and since then has risen to €360 billion. At the centre of this is the Banca Monte dei Paschi di Siena, which has to raise €5 billion this week in capitalisation. The result of this referendum has created a huge crisis. Not only is the Banco Monte dei Paschi di Siena under threat, so, too, are Unicredito and Banco Popolare. If they go under or if there is a bail-in - all these things are possible in Italy - it will have a massive impact on Ireland owing to the weakness of the Irish banking system, as evidenced from its performance in the latest Frankfurt stress tests. The banking crisis has not gone away and neither has the economic crisis. The political crisis has intensified and the Italian referendum result will re-expose all those things.

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