Brexit will be a catastrophe: Sarkozy

New Delhi, April 14
Britain’s exit (Brexit) from the European Union will be a “catastrophe” for the country as also a “big loss” for Europe having “very serious consequences”, former French President Nicolas Sarkozy said today.
“In my personal opinion, Brexit will be a very bad thing for Europe because of the simple reason that Great Britain at the moment is the second biggest economy of Europe. To lose the second biggest economy of Europe will be a big loss,” Sarkozy said at an industry conference here.
Referring to the June 23 referendum on membership, he said that in case the move happens, it will be a “catastrophe for Great Britain”.
He said that there is a need to have a relook at the functions of EU and its competence, highlighting that “Europe will not die, but must reform itself”.
Britain’s possible exit from the EU “could do severe regional and global damage” by disrupting international trade relations and poses the biggest risk to the global recovery, the International Monetary Fund also warned on Tuesday.
The IMF’s position on Brexit is also in sync with the official position of the British government, which has advocated remaining within the 28-member block.

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