UK Prime Minister David Cameron is set to face his fellow leaders of the European Union for the first time since the outbreak of a political earthquake that shook the foundations of the Union. Back in London, the race to succeed him heats up.
Cameron will endure an awkward dinner with his EU cohorts Tuesday after his effort to calm public investors and soothe distributed in the United Kingdom has failed to stop the book and the biggest banks the country was clobbered. The Prime Minister has already announced he will quit after the vote last week, leaving little influence to the table. His government said it prefers a gradual exit from the EU and the three largest economies of the region are keen to set a timetable to contain the economic damage.
"We do not know how long he will be prime minister, when a new government could begin to negotiate terms," said Mark Leonard, director of the European Council on Foreign Relations. "The rest of the EU feel they bent over backwards to accommodate Cameron in the last month and launched this reckless referendum and lost if other EU states are in no mood to do him favors . "
The EU collection unfolds in a context of market turmoil, with shares of Barclays Plc and Royal Bank of Scotland Group Plc crashing to their lowest level since the financial crisis. Staggering of the referendum result, European leaders are divided on how hard to find on the UK Meanwhile, the British lost any influence they had in the 28-nation bloc while remaining bound by its rules and membership fees for at least two years.
More than $ 4 trillion has been erased from global equity values following the June 23 plebiscite pound extended its massive recording sales.
rot sustained UK assets Monday with the S & P Global Notes up the nation's credit grade cut two levels and average values recording their worst two-day drop since 1987. EasyJet Plc fell 23 percent after warning that a drop in demand for travel and weaker pound will hurt earnings in the summer. Real estate agency Foxtons Group Plc fell 24 percent after complaining of prolonged uncertainty in the market revenues and residential predicting London would be lower this year than last year.
POLITICAL IMPASSE
For the moment, the UK is stuck in a political deadlock. Conservative Cameron said Monday a new leader must be in place in September 2. Some in the EU is a hope that if the UK waiting a long time to activate the output trigger, the decision to leave could even be reversed , a European diplomat.
a YouGov poll of conservative voters to the Times gave the Home Secretary Theresa May to 31 percent support against 24 percent for the former mayor of London, Boris Johnson, a leading funder leave to vote.
Chancellor of the Exchequer George Osborne, who has been criticized by the pro-Brexit camp alarmism on the economy will not be a candidate. The onetime favorite to succeed Cameron wrote in the Times that "I am not the person to provide the unit my party needs."
"EU institutions and other Member States must currently remain spectators of the dramatic development in which they have a huge amount at stake, "Nicolas Veron, a senior researcher at the Peterson Institute in Washington and the Bruegel research institute, based in Brussels, said in blog.
Last Supper
in Brussels, Cameron will be pressed to give some indication of how he expected the Kingdom -um to trigger Article 50 of the Lisbon Treaty - the mechanism to exit the EU - and what he thinks of the relationship of Britain with the block will look like after the divorce, according to diplomats in Brussels But. outgoing Prime Minister said those details would be his successor hash.
"is likely to talk about a number of factors he believes were issues in the campaign and in the debate," said Helen Bower, spokeswoman for Cameron. "He reiterated that Article 50 is a matter for the next prime minister."
Regardless, his handling of the so-called Brexit saga will be selected in between classes. While some leaders were impressed with the EU position of Cameron in the last month, and are wary of being trapped in hasty decisions, others are tired and feel abandoned after promising the victory, diplomats with knowledge of the talks on Monday.
empty Chair
on the second day of the summit, President of Cameron will be empty, a striking symbol for the loss of power from the UK virtually overnight. His nominee to the European Commission, Jonathan Hill, resigned on Saturday and the country is about to be stripped of six months relay management of EU affairs due next year. At least one British member of the European Parliament has given up sponsoring a key element of the legislation.
After digesting the shocking news, the EU has calibrated his response to a start .. The R.U some reflex was the U.K. should trigger Article 50 this week. The German Chancellor Angela Merkel is among those calling for a more thoughtful approach, with two EU diplomats saying the alliance could wait until the end of the year.
Waiting Game
"We can not afford a prolonged waiting game because that would be bad for the economy of both the EU side - the 27 and Great Britain, "Merkel said." But I have a certain level of understanding, if Britain takes some time to analyze things first. "
Merkel said the UK would need to give its official statement to exit the block before formal negotiations on the conditions of its future relationship can begin. in a joint statement with his French and Italian counterparts, she urged the EU summit "to put in motion a process based on a concrete timetable and specific commitments."
Speaking of London, US Secretary of State John Kerry called on European leaders not to take revenge on Britain and to manage the transition carefully.
"While there is some uncertainty in the air, leaders have the ability and responsibility to restore security, to make wise choices in the days before and that means the choices are, in every possible way, is not intended to repay, is not intended to anger, but the means that bring people together, "he said.
Bloomberg
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