Bigger tail-risk than Brexit
Holger Schmieding, chief economist with Berenberg Bank, told CNBC in a phone interview that the risk involved in Italy's referendum makes it an even bigger political event than Brexit.
"For me, this is the biggest political risk for the euro zone this year … Less the referendum and more the tail risk," he said.
"If the aftermath of a 'no' victory results in an early election, in which parties propose a referendum of leaving the euro then this is much more of a problem, there will be serious contagion effects for the whole of the euro zone," he added.
This bloke is an expert so I guess we can take all this with a pinch of