June 27, 2016

EU faces risks of many more exits and rolling back the political union

Eight more countries want to hold referendums to exit the EU – France, Holland, Italy, Austria, Finland, Hungary, Portugal, and Slovakia all could leave.

Germany now faces having to pay an extra 3 billion euros a year to the annual EU budget once Britain leaves. This alone is prompting German government officials to propose that Britain is offered “constructive exit negotiations” to keep their dues coming in. Some are now talking about a quasi-membership for the UK calling it an “associated partner country” to keep the money flowing.

Italian ministers warned on Saturday that the European Union MUST change course or risk total collapse after Britain’s vote to leave the bloc. The Italian Finance Minister Pier Carlo Padoan said. “A double reaction to Brexit is under way, one financial, one political. The financial one, at least until now, is limited. I am more worried about the political one.” Indeed, the unthinkable is happening. And they worry the pound might crash? Pay attention to the euro.

France's Le Pen has promised a referendum within 6 months if she is elected next year. She will argue for four elements of France sovereignty - territorial, economic, legislative and monetary-budget.


A survey published by Le Monde in early June shows the French president polling at 14 per cent while likely Republican candidate and former president Nicolas Sarkozy scored 21 per cent. The clear winner of the poll was anti-mass migration Front National party leader Marine Le Pen who was favoured by 28 per cent of those surveyed.



SOURCES - Armstrong economics, Zerohedge, Le Monde

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