Domestic Politics
Referendum: The constitutional referendum on Justice concluded with a victory for the No side, securing 53.58% (approximately 14.7 million votes), surpassing the Yes side by over 2 million votes, which stood at 46.41%. The No side prevailed in all Regions except Lombardy, Veneto, and Friuli Venezia Giulia, and in all regional capitals. Higher percentages for the No side were recorded in Campania and Naples, while the Yes side achieved its best result in Veneto. Voter turnout was 58.93%, higher in Central-Northern Italy and major cities, but lower compared to the referendums of 2016 and 2006. Minister of Justice Carlo Nordio stated to Corriere della Sera: “We tried to explain in simple terms, but we failed to dispel the fear that the Constitution would be undermined”.
Interview with Paolo Zangrillo: The interview with the Minister of Public Administration, Paolo Zangrillo, published in La Stampa, reveals his deep regret over the defeat of the reform, which he had intended to dedicate to President Silvio Berlusconi, as the reform was “a civilisation choice, urgent for the country”. Zangrillo emphasised that in Italy, “there is a great difficulty in accepting change with calm”, and acknowledged that the No side “turned everything into a defence of the Constitution”. Regarding communication, he admitted that “perhaps the mistake was not simplifying enough”, and that the majority likely “overestimated the ability to convince voters by remaining on a technical level”. For Zangrillo, the executive will continue to work on the merits of the reforms, such as the electoral law, “which will be the first test”.
Foreign Policy
Iran: Donald Trump announced a five-day postponement of potential attacks on Iranian energy infrastructure, speaking of “very good and productive” talks and a possible 15-point agreement with Tehran. Negotiations would continue through mediators and phone calls, with the possibility of a direct meeting, although Iran denies official contacts. Meanwhile, Israel continues raids on Iranian military targets, while tensions emerge over the objectives of the war: a possible understanding between Washington and Tehran might not satisfy the Netanyahu government.
Hungary: Revelations by the Washington Post that Hungarian Minister Szijjarto allegedly relayed the contents of European summit meetings live to Moscow have caused concern in Brussels, which is seeking clarification from Budapest. Hungary denies this, calling it “fake news”, and has opened an investigation into possible interceptions. The issue, aggravated by Budapest’s block on the loan to Ukraine, highlights the deterioration of the relationship between the Orbán government and its European partners, now marked by distrust and accusations of poor cooperation.
Economy and Finance
Poste: The CEO of Poste, Matteo Del Fante, assured that “Tim will enter the Poste group but remain standalone, and the iconic brand will be protected”, following the launch of the Public Offer for Acquisition and Exchange worth €10.8 billion. Surplus staff will be redeployed to other areas within the group. The operation is expected to begin in July and conclude in the fourth quarter. The market reacted by rewarding Tim and penalising Poste.
Gedi Group: The sale of 100% of Gedi to the Greek Antenna group has been completed, with Antenna acquiring the company from Exor after months of negotiations. The deal includes La Repubblica, Radio Deejay, Radio Capital, m2o, HuffPost Italia, National Geographic Italia, Limes, and the advertising agency Manzoni, while La Stampa and Stardust remain excluded. Mirja Cartia d’Asero will become CEO, while Mario Orfeo and Linus will retain their respective positions. John Elkann explained that Exor aims to simplify its portfolio and increase liquidity for new investments.