Brexit Ironies Mount: Belgian Premier Warns EU Won't Help UK Out of 'Black Hole'

By: Mike Shedlock | Sun, Jul 10, 2016
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The move to punish the UK picks up steam even though such actions will damage the EU far more than the UK. Belgium is the latest country bounds and determined to punish the UK.

Please consider EU will not help UK out of'black hole', Belgian premier warns.

Britain's vote to leave the EU has opened a political "black hole" in Westminster and Europe's leaders will not bend to help it out, Belgium's prime minister has warned.

Charles Michel's caustic views on the unreal "dreams" of Brexiters, outlined in an hour-long interview with the Financial Times, speak to the difficulties Britain faces in reaching an exit trade deal that satisfies all 27 EU leaders and their parliaments.

Before the referendum, the liberal leader doggedly resisted giving Britain a special deal on its EU membership terms. He is now showing similar resolve over any Brexit deal, pushing the UK to start the divorce promptly and telling it to expect no big concessions on migration or market access.

"The truth is it's a very negative situation for the UK, there is no doubt," he said.


The Truth

The truth is Brexit is very bad for the EU, and punishing the UK will make matters worse, possibly even starting a global trade war.


Facts of the Matter


Risk of Global Trade Collapse

Please consider "No Cherry Picking" Says Merkel; Risk of Global Trade Collapse says Mish

Germany Trade
Larger Image


Bluff or Stupidity?

Germany exports €50,963,643 to the UK than it takes back in imports.

Instance the UK must abide by migration rules when that's the reason the UK left the EU is blatant stupidity given balance of trade numbers

-- Mike Shedlock (@MishGEA) July 10, 2016

Another irony in this madness is Marine le Pen is the leading candidate in French polls.

Le Pen stated "This Is the Beginning of the End of the European Union".

For details please see Hollande Lectures US About Trump.

The final irony in this mess is that it's the EU on the verge of falling into an economic black hole, and punishing the UK is one sure way to make that happen.

 


 

Mike Shedlock

Author: Mike Shedlock

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Mike Shedlock

Michael "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Visit http://www.sitkapacific.com/ to learn more about wealth management for investors seeking strong performance with low volatility.

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