For the first time ever, the exit door leading out of the European Union is open, albeit slightly. Against all expectations, the UK has somehow managed to jam its figurative foot in the gap between the metaphorical door and its frame. Whether it actually pries the door open or timidly withdraws its foot, only time will tell.
As we warned even before the elections, if the British government fails to honor a majority vote to leave the EU, it won’t be the first time that a referendum in the EU, after people voted the “wrong way,” would essentially be squashed. And if London does manage to pull off a tactical withdrawal from the EU, it’s unlikely to be painless.
But however tempting it may be to make an example out of the UK, as many eurocrats seem intent on doing, it could end up seriously backfiring…
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