Reuters: EU leaders tell Britain to exit swiftly, market rout halts
European leaders told Britain on Tuesday to act quickly to resolve the political and economic chaos unleashed by its vote to leave the European Union, a move the IMF said could put pressure on global growth.
Financial markets recovered slightly after the result of Thursday's referendum wiped a record $3 trillion off global shares and sterling fell to its lowest level in 31 years, but trading was volatile and policymakers said they would take all necessary measures to protect their economies.
British Finance Minister George Osborne, whose attempt to calm markets had fallen on deaf ears on Monday, said the country would have to cut spending and raise taxes to stabilize the economy after a third credit ratings agency downgraded its debt.
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WNU Editor: The petulance of it all .... 'We cannot turn our backs on Europe', says Cameron as he is BANNED from EU breakfast (Express) .... but he did get a great farewell cheer .... We'll miss EU, Dave! Cameron shares a laugh with his Brussels pals as he says farewell to fellow European leaders at his final summit following humiliating Brexit defeat (Daily Mail). And for others .... the golden parachute .... It's enough to make you weep! Tory peer who broke down as MEPs gave him a standing ovation is set to walk away with a £250,000 pay-off after resigning (The Daily Mail). Other side notes .... he definitely has gotten under the skin of the MEPs .... MEPs boo as Nigel Farage hurls insults in the European parliament (The Guardian), and President Obama is saying what crisis .... Obama on Brexit: I Don't Expect 'Major Cataclysmic Changes' (NBC). More here .... Obama rips Brexit 'hysteria' as markets rally (USA Today)
More News On EU Leaders Meeting To Discuss Brexit
E.U. leaders toughen line over British ‘divorce’ -- Washington Post
EU Leaders Push for Brexit 'Divorce' in Meeting with UK's David Cameron -- ABC News
Cameron receives frosty welcome at farewell EU summit -- Financial Times
EU Chiefs ‘Held Hostage’ Tell Cameron to Lay Out Brexit Plan -- Bloomberg
EU Leaders Plot a Future Without Britain, Demand Answers -- AP
EU Tells Britain to Get Out Now -- VOA
Merkel Tells Cameron Before EU Summit: Don’t Delude Yourself -- Bloomberg
Merkel warns Britain it won't be able to 'cherry pick' EU privileges and vows to use 'all her strength' to prevent the bloc from crumbling -- Daily Mail
Angela Merkel warns UK it can't have access to single market without freedom of movement -- The Independent
A guide to the EU's exit clause as Britain looks to leave -- AP
1st shots fired in EU-U.K. divorce; how ugly will it get? -- CBS
Brexit: EU leaders are refusing to give Britain an easy way out -- VOX