Friday, June 24, 2016

"...IMF calls on UK and EU to play nicely during divorce proceedings"

"We take note of the decision by the people of the UK...."
-Christine Lagarde
We also noted it.

From City AM:
The head of the International Monetary Fund (IMF) has urged the UK and the EU to reach an amicable divorce, as the fallout from the vote for Brexit ripples across the world.

Christine Lagarde, who warned Brexit could trigger a recession, called on both sides to work together to reach a new settlement which helps to minimise turmoil on the financial markets.

She also welcomed steps taken by central banks to ensure markets have access to emergency funds to prevent the kinds of sharp movements which were driven by weak liquidity during the darkest days of the financial crisis.

In a statement issued this afternoon, Lagarde said:
"We take note of the decision by the people of the UK. We urge the authorities in the UK and Europe to work collaboratively to ensure a smooth transition to a new economic relationship between the UK and the EU, including be clarifying the procedures and broad objectives that will guide the process."
The call comes as the two sides appeared at odds over how quickly the UK should begin the painstaking process of formally exiting the EU. David Cameron said he will leave the decision to trigger Article 50 - the mechanism by which a member can leave the EU - to his successor, who is expected to be in place by October.
How well the UK performs is now dependent on whether the fallout from Brexit is "limited" or "adverse", according to the IMF.

In other news, the Spanish are thinking of firing up an armada to retake Gibralter and the Cornish Pasty Association is in anguish.