Time in Yerevan: 11:07,   8 May 2024

Brexit – Global Markets in turmoil

Brexit – Global Markets in turmoil

YEREVAN, JUNE 24, ARMENPRESS. Britain voted to leave the European Union, forcing the resignation of Prime Minister David Cameron and dealing the biggest blow to the European project of greater unity since World War Two, Reuters reports.

Global financial markets plunged on Friday as results from a referendum showed a near 52-48 percent split for leaving a bloc that Britain joined more than 40 years ago.

The pound fell as much as 10 percent against the dollar to touch levels last seen in 1985, on fears the decision could hit investment in the world's fifth-largest economy, threaten London's role as a global financial capital and usher in months of political uncertainty.

World stocks headed for one of the biggest slumps on record, and billions of dollars were wiped off the value of European companies. Britain's big banks took a $130 billion battering, with Lloyds (LLOY.L) and Barclays (BARC.L) falling as much as 30 percent at the opening of trade. [MKTS/GLOB]

The United Kingdom itself could now break apart, with the leader of Scotland - where nearly two-thirds of voters wanted to stay in the EU - saying a new referendum on independence from the rest of Britain was "highly likely".

An emotional Cameron, who led the "Remain" campaign to defeat, losing the gamble he took when he called the referendum three years ago, said he would leave office by October.

 








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