Italy "no vote" not a blow to EU: Dutch Finance min

The fact that Italian voters convincingly voted "no" in a referendum about reforms in the country, is not the start of a new European crisis, Dutch Finance Minister and president of the Eurogroup Jeroen Dijsselbloem said in Brussels on Monday. "The referendum was about Italy, the outcome is not an anti-European vote. The markets reacted calmly", he said according to AD.

On Sunday about 60 percent of Italians voted against major reforms in the country. After the results became known, Prime Minister Matteo Renzi and his cabinet resigned.

"There will be a new government and they will have to cope with the same problems", Dijsselbloem said, speaking from a Eurogroup meeting in Brussels on Monday. It is a strong country and I have full confidence in it."

The Eurogroup meeting was arranged months ago to discuss, among other things, the 2017 budgets of the EU member states. Italian Finance Minister Pier Padoan could not attend.

The Euro did drop in value against the Dollar in the initial reaction to the "no" vote, but recovered most of the ground it lost, according to Pound Sterling Live.