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With the U.K. voting to leave the European Union, age-old disputes over territory are starting to come up again in Scotland, Ireland and Spain.Video provided by Newsy Newslook
This file photo taken on June 21, 2016 shows a Leave campaigner holding a placard that reads "Choose Freedom! Leave the EU" in Clacton-on-Sea, southern England, as the U.K. Independence Party (UKIP) leader Nigel Farage visits.(Photo: JUSTIN TALLIS, AFP/Getty Images)
European Union leaders want<span style="color: Red;">*</span>the United Kingdom to<span style="color: Red;">*</span>leave the alliance<span style="color: Red;">*</span>as soon as possible, as repercussions of the nation’s historic vote to leave the bloc<span style="color: Red;">*</span>continued to reverberate.
Top diplomats from France, Germany, Netherlands, Italy, Belgium and Luxembourg<span style="color: Red;">*</span>—<span style="color: Red;">*</span>the EU's<span style="color: Red;">*</span>six founding nations —<span style="color: Red;">*</span>met Saturday in Berlin for hastily arranged talks following the stunning vote to leave the political alliance.
"The shock of the vote is still sitting deep, but these are also days where not all the answers are ready," German Foreign Minister Frank-Walter Steinmeier told reporters.<span style="color: Red;">*</span>“It’s totally clear that in times like these, one should neither be hysterical nor fall into paralysis,” he<span style="color: Red;">*</span>said.
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German Chancellor Angela Merkel, at a different news conference outside Berlin, prodded Britain to start the exit process.<span style="color: Red;">*</span>“To be honest, it shouldn’t take forever, that’s right — but I would not fight over a short period of time,” she<span style="color: Red;">*</span>said.
European Parliament President Martin Schulz told the Guardian<span style="color: Red;">*</span>that EU lawyers were examining if the process could be sped up to enable the U.K. to leave the 28-nation alliance. Only the U.K., as the departing nation, can<span style="color: Red;">*</span>trigger the process by launching Article 50 of the EU charter, called the Lisbon treaty. Once it does, exit negotiations will last for two years.
France's Foreign Minister<span style="color: Red;">*</span>Jean-Marc Ayrault said there was urgency, "so that we don’t have a period of uncertainty, with financial consequences, political consequences.”
Prime Minister David Cameron, who backed staying in the EU,<span style="color: Red;">*</span>wants his<span style="color: Red;">*</span>successor to negotiate the process. He has vowed to<span style="color: Red;">*</span>stand down by October.
Thursday’s referendum was a close contest:<span style="color: Red;">*</span>52% backed<span style="color: Red;">*</span>leaving<span style="color: Red;">*</span>and 48% voted to remain.
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The result<span style="color: Red;">*</span>sent global markets into turmoil and created deep anxieties about the future of the bloc, which will now have 27 members.
In a fresh sign of problems, Moody’s Investors Service downgraded the U.K's. outlook Saturday from “stable” to “negative.” Moody's said<span style="color: Red;">*</span>the referendum result<span style="color: Red;">*</span>“will herald a prolonged period of uncertainty for the UK, with negative implications for the country’s medium-term growth outlook.”
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Moody's said it believed that "many investment and spending decisions are likely to be put on hold"<span style="color: Red;">*</span>during<span style="color: Red;">*</span>the period of the U.K.<span style="color: Red;">*</span>withdrawing<span style="color: Red;">*</span>from the EU and<span style="color: Red;">*</span>negotiating<span style="color: Red;">*</span>a new trade<span style="color: Red;">*</span>agreement with the bloc.
The entire withdrawal process may take longer than two years if the U.K. requests an extension. All 27 members of the EU would need to approve that request.
Standard & Poor’s, another credit ratings firm, is considering downgrading the country because of the uncertainty related to the vote. A lower rating could mean higher borrowing costs for the government. That could lead to<span style="color: Red;">*</span>less money to spend on infrastructure projects as well as<span style="color: Red;">*</span>schools, hospitals and roads.
The British pound fell 11% to a 31-year low on the<span style="color: Red;">*</span>result Friday and the U.S. stock market suffered its worst drop in 10 months.<span style="color: Red;">*</span>The pound rose 0.1% to $1.40 Saturday.
Mark Boleat, who<span style="color: Red;">*</span>chairs policy at The City of London<span style="color: Red;">*</span>Corporation, an<span style="color: Red;">*</span>organization that represents the U.K.'s powerful financial services industry that employs hundreds of thousands of people, attempted to allay fears about the impact of the vote.
“The City of London has thrived as a financial and trading center for more than a thousand years and will continue to do so,”<span style="color: Red;">*</span>he said in a statement.
“There will be no mass exit of banks and financial institutions from the square mile. While there will be uncertainty as Brexit (British exit) negotiations go on we are still the financial center of the fifth-largest economy in the world,” Boleat said.
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