INTERNATIONAL NEWS FOR COLLIN COUNTY READERS
World’s financial markets are on a knife’s edge ahead of Thursday’s Brexit referendum.
U.S. stocks ended slightly lower with DOW ending at 17,781 points (-48.90) as clock ticked down to Brexit vote.
So, what is BREXIT?
It is a word that has become used as a shorthand way of saying the UK leaving the EU – merging the words Britain and exit to get Brexit, in a same way as a Greek exit from the EU was dubbed Grexit in the past.
Real question: “Should the United Kingdom remain a member of the European Union or leave the European Union?”
There are two options for voters: “Remain a member of the European Union” or “Leave the European Union.”
For Brexit 101, watch the video by Bloomberg below:
When is voting day, and when do the results come in?
Polling stations in England, Scotland, Wales and Northern Ireland will be open on June 23 between 7 a.m. and 10 p.m. local time, or 2 a.m. to 5 p.m. Eastern Time.
Anxious investors will have to wait till Friday morning to get the final result of the vote.
- In the latest batch of surveys, ORB for the Telegraph showed 53% of respondents back EU membership, compared with 46% who want to cut ties.
- However, YouGov for TheTimes newspaper showed Brexit support has a two point lead, at 44% to 42%.
- An Survation poll for IG Group put the Remain camp at 45% and the Leave camp at 44%.
What’s the deal?
Last year, 44% of exported goods and services from the U.K. went to the EU, representing 12% of Britain’s gross domestic product, according to the Office for National Statistics.
Trade agreements, immigration and labor rules, travel regulations and financial transactions are among a host of issues that would have to be renegotiated by British and European officials if the majority of Britons vote for the U.K. to leave the 28-member European Union.
Prime Minister David Cameron is leading the Conservative government’s efforts in campaigning hard to stave off a Brexit.
“Brexit Is Most Consequential Event Since WWII..”
According to Morgan Stanley President Colm Kelleher, Brexit is the most consequential event since WWII. Watch the video below.
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