Question marks continue to swirl around Italy and how its referendum vote will unfold.

The political uncertainty is reminiscent of the Brexit vote from earlier this summer, but the situation isn't the same, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said from the floor of the New York Stock Exchange Monday.

Britain's banks are much stronger than those in Italy, he said, reasoning that the Italian banks "desperately need more help." The financial system is simply too weak.

Italy has been a huge beneficiary of the Euro currency, as well as being included in the European Union. Leaving the EU would be bad for the banks and ultimately, bad for their economy, Cramer said.

There's people from the East coming into Italy and taking jobs that many Italians would like to have, he added, which understandably makes many in the country upset.

Because the polls have proven to be so inaccurate during the Brexit and presidential election though, we can no longer trust their accuracy. But it would be smart for Italy to stay, Cramer concluded.

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.

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