Brexit could bury EU in mountain of debt
Diminishes Obama's hope of Atlantic, Pacific trade deals
Published: 1 day ago
NEW YORK – While the Dow opened down more than 500 points and stock markets worldwide suffered deep declines, the serious economic ripple effect of Britain’s exit from the European Union remains the long-term damage to the fragile debt burden maintained by the European Central Bank of the EU.
The U.K.’s departure means the withdrawal of as much as $1 trillion in sovereign funds that the EU was counting on to keep struggling economies such as Greece’s afloat.
The “Brexit” decision has also seriously diminished the likelihood the Obama administration will be able to get passed through Congress either the Trans-Pacific Partnership, TPP, or its European counterpart, the Trans-Atlantic Trade and Investment Partnership, TTIP.
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