European Countries: Britain Will Suffer Consequences After Brexit
Christian George Acevedo | | Jun 20, 2016 03:24 AM EDT |
(Photo : Reuters)
Great Britain is facing a stiff consequence if it leaves the Eurozone, European nations warned.
If Britons go for a "No" vote and leave the European Union, they can expect a backlash in all forms from across Europe's capitals to deter any other plans of leaving the EU zone, high-ranking European officials revealed.
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In an interview with Spiegel magazine, Germany's finance minister, Wolfgang Schäuble, is hopeful that the British people will "ultimately decide against Brexit," saying that the British withdrawal "would be a heavy loss for Europe."
European Council President Donald Tusk warned that the country would plunge into seven years of political and economic limbo, as it will have to face more negotiations with European countries.
But the worst is yet to come to Britain. "Leaving the European Union would leave Great Britain diminished on the world stage," Lord Brown, Chairman of L1 energy opined in the Wall Street Journal.
Brown explained that the country will be "reduced" to a second- or even third-degree nation if the Brexit wins, losing any vestige of its image as "world leader in trade and global diplomacy."
U.S. President Barack Obama also noted that the country will have to be relegated to the "back of the queue" in terms of its trade relations with the U.S. After all, the United States shows "little interest in negotiating with one nation compared with striking agreements with a far larger bloc," Lord Brown explained.
Top British government officials also showed trepidation over the Brexit, fearing that it would make the country "permanently poorer," and foreseeing a GDP drop of 6% in 2030, sending it into "technical recession."
But the worst thing that could happen to Great Britain, whose economy has emerged from the 2008 crisis more vibrantly than those of its neighbors, would be the mass departure of companies that want to trade with the EU.
TagsGreat Britain, brexit
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