EU Leaders to Discuss Future after Brexit!

Local Editor

Founding EU members are to hold a crisis meeting Saturday on the future of the bloc after Britain's seismic vote to leave the union and the resignation of Prime Minister David Cameron.

As the "Brexit" vote sent global financial markets into freefall, Moody's cut Britain's credit rating outlook to "negative," saying the vote to pull out of the European Union could hurt its economic prospects.

Consequently, after the shock result German Chancellor Angela Merkel and French President Francois Hollande led calls for the EU to reform in order to survive a traumatic divorce with Britain.

Meanwhile, European leaders are anxious to ensure the transition is as painless as possible, with the foreign ministers of the six EU founding members gathering in Berlin Saturday in the first of a series of crisis meetings over the coming week.

Merkel, who called the result a "blow" to Europe, further suggested she would host the leaders of France and Italy along with EU President Donald Tusk in Berlin on Monday to try to chart a reform plan.

For his part, European Commission chief Jean-Claude Juncker said he was "very sad" that Britain had voted to leave, but repeated that there would be "no renegotiation" of Britain's membership.

Leaders of the EU, born out of a determination to forge lasting peace after two world wars, will open a two-day summit on Tuesday to grapple with Britain's decision.

The shock outcome of Thursday's historic referendum could have a knock-on effect on other EU members battling hostility to Brussels and possibly lead to the break-up of the United Kingdom after Scotland raised the prospect of another independence vote.

Source: News Agencies, Edited by website team