No 624
Monday 26th June - Sunday 3rd July, 2016
Tel: 637 227 385
NO WAY BACK! Euro by 6.4%.
As news of a Brexit victory hit the world press on Friday morning Spain’s major banks suffered serious setbacks, with Santander losing 25% of its value and Bankia crashing a point more at 26%. At the same time Spain’s stock market index was down at opening time by more than 12%. In the UK the stock market fell by a similar margin, it’s worst setback since ‘Black Monday’ in 1987, while the Pound plummeted to a 1985 low against the Dollar by almost 10% and against the
As David Cameron fell on his sword, currencies were making big moves and Global markets were also moving wildly, but the actual political process, still some way away, was being forecast to be much, much slower. But despite a narrow majority of British voters deciding that Britain should leave the European Union, 51.9% against 48.1%, the referendum is not actually a binding vote. When the dust settles, Cameron could still decide to ignore the will of the people, not for the first time of course, and not make any move to exit the EU, but as we all know that would seem to be highly unlikely. Continued on Page 6