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Brexit: 'it's not only Britain that will suffer'

Tuesday, June 21, 2016 - 01:39

Britain might not be the only one to suffer damage from a Brexit. As David Pollard reports, the global economy is bracing for impact, too.

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(SOUNDBITE) (English) EUROPEAN COUNCIL PRESIDENT, DONALD TUSK, SAYING: "I would like to appeal to the British citizens on behalf, I know that for a fact, of almost all Europeans and European leaders: stay with us, we need you." Brexit. It's the word none of Europe's leaders want to say out loud. Though each is queuing up to take a turn talking about it. Some warning of the damage it could wreak outside of the UK - if others not. (SOUNDBITE) (English) EUROPEAN PARLIAMENT PRESIDENT, MARTIN SCHULZ, SAYING: "'Leave' is leave. If the United Kingdom wants to leave, then they leave the European Union with all the negative effects, and that will become visible very fast. And therefore I don't fear domino effect." But that is a minority opinion. From the IMF to the OECD, the big global voices united in one concern... That after China's slowdown, the next major economic shock will come from Britain. (SOUNDBITE) (ENGLISH) DOMINIC JOHNSON, CEO, SOMERSET CAPITAL MANAGEMENT, SAYING: "It's going to be, as I would describe it, a global vomit. I think people are simply not prepared for the concept of either Britain coming out, or what will actually happen: the concomitant effect on the very fragile European concept and the failure of that will have massive ramifications and knock-on effects elsewhere." And if that's just the investor's view, this is the US central bank's. (SOUNDBITE) (ENGLISH) JANET YELLEN, CHAIRMAN, FEDERAL RESERVE, SAYING: "A UK vote to exit the European Union could have significant economic repercussions." And even if doesn't do that in the medium term, it would be sure to over time. That at least the argument put forward by some investors. Who say that far from putting to bed the debate over the EU project, Thursday's vote is only just waking it up.

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Brexit: 'it's not only Britain that will suffer'

Tuesday, June 21, 2016 - 01:39