The Daily Express: Greece warns Brussels on Brexit: No-deal could trigger EU economic meltdown18 August 2018 | 03:53 | FOCUS News Agency
Athens said Brussels failing to deliver a Brexit deal would leave the country facing “increased financial and political instability” if there a blackhole in the EU’s budget up to 2020.
New Brexit Secretary Dominic Raab made it clear Britain would only hand over the £40 billion Brexit bill if the EU agrees to sign a trade deal with Britain.
A Greek government working paper warns the of potential economic meltdown if Brussels were to allow Britain to leave the EU without a deal.
Their document claims a no-deal Brexit would instantly leave a £10bn-a-year blackhole in the EU’s finances.
Greece’s working paper serves as a warning that the EU must seek to protect its poorer members who benefit from Brussels handouts.
The European Commission is steadfast in its assurances that the bloc is prepared for a no-deal Brexit, whose preparedness task force is headed up by powerful eurocrat Martin Selmayr.
Pieter Cleppe, of the Open Europe think tank, said: “This definitely plays into the UK’s hands as if there is no withdrawal agreement then there will be no financial settlement, which means the EU doesn’t get its money.
“The EU is actually facing two holes in their budget: the hole created by no future UK payments, and also the hole of promises made to increase spending in policy areas such as expanding EU border agency Frontex.
“The EU has so far only proposed modest spending cuts, so there are big divisions that are likely to escalate in a major row in the future.”
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