EU anxious over possible Brexit ahead of referendum

(Vatican Radio) The European Union is anxiously looking towards the political turmoil in Britain where a countdown has begun towards Thursday's referendum on whether Britain should remain a member of the 28-nation bloc. 

Anxiety over a possible 'Brexit' has become evident especially in Eastern Europe and among the EU's top financial leaders as they closely follow the debate on Britain's future.   

Listen to the report by Stefan Bos: 

Leaders of the Leave and Remain have clashed in a live televised debate at the Wembley Arena in London on the eve of the final day of campaigning ahead of the referendum on Britain's EU membership. "The European Union was a noble dream in the last century. But today it has failed. It has turned into a nightmare, said Labor legislator Gisela Stuart of the Leave campaign.
 
London's mayor Sadiq Khan disagrees. "If we as a country would like to quit, we are out for good. There is no turning back," he said. The debate has been closely followed across the sea in the capitals of continental Europe and beyond.

Especially Eastern European countries fear a Brexit could impact their economies. They are heavily dependent on EU subsidies. And many Eastern Europeans live and work in Britain. 

Ironically, even one of Europe's most euroskeptic leaders, Hungarian Prime Minister Viktor Orbán has urged Britain to remain in the EU. Some 300,000 Hungarians work and live in Britain. 

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In advertisements in British newspapers Orbán says:  "The decision is yours, but I would like you to know that Hungary is proud to stand with you as a member of the European Union”.

He isn't alone. In a rare sign of unity, even Orbán political opponent philanthropist and billionaire George Soros has urged Britain to remain in the European Union. 

Soros who was forced to flee Hungary and the Nazis in the mid-1940s because of his Jewish background, warned that leaving the EU could have "serious consequences" for British jobs and finances if the country leaves the EU. 

Writing in the Guardian newspaper, he said sterling would dramatically decline if the Leave camp won Thursday's vote.

Soros made a fortune betting against the pound on Black Wednesday in 1992, when Britain left the European Rate Exchange Mechanism and said Brexit would cause bigger disruption.

ECONOMIC IMPACT

Though Britain is not a member of the Eurozone, Eurogroup chair and Dutch finance minister Jeroen Dijsselbloem also warned of the economic impact of a Brexit. "The UK is not alone in its skepticism and its criticism of the European Union. This criticism is a common phenomenon in all of our countries," he said.

"Populist parties on the right and the left are gaining ground. But that in itself is not a reason to leave. It's a reason to build a better EU. An EU that brings security and prosperity again," Dijselbloem noted.  

He spoke at Tuesday's "Economy Day" gathering of Germany's ruling CDU party in Berlin where Chancellor Angela Merkel seemed to share his concern. "Of course its up to the British voters to decide," she said, but immediately added: "We should realize that with 500 million people we are stronger together. We still comprise about seven percent of the world's population and 24 percent of its Gross Domestic Product."   

Yet, with opinion polls showing a tight race towards the exit or EU, it remains to be seen whether her words will be heard in Britain.