Germany's Schaeuble says 'Brexit' would be disaster for Britain and EU

Reuters News
Posted: Jun 26, 2015 7:55 AM

FRANKFURT (Reuters) - German Finance Minister Wolfgang Schaeuble said that it would be a disaster for both Europe and the United Kingdom if the UK were to leave the European Union, and therefore "Brexit" would be avoided.

“It would not only be a disaster for the UK it would be a disaster for Europe. Therefore we will avoid this,” Schaeuble told a financial conference on Friday.

“It’s up to Britain to decide,” he said, adding that Germany would be supportive in efforts to try and keep it in the bloc.

British Prime Minister David Cameron has promised to renegotiate Britain's relationship with the EU and then hold a vote by the end of 2017 on whether to stay in it or leave.

London is home to the Europe's biggest financial center and regarded as central to EU plans for a capital markets union.

(Reporting by Thomas Atkins, John O'Donnell and Marc Jones)