20 August, 2017

Brexit: UK Votes To leave EU

The UK has voted by 52% to 48% to leave the European Union after 43 years in an historic referendum.

BrexitThe pound fell to its lowest level against the dollar since 1985 as the markets reacted to the results, says the BBC.

 

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  • 9
    13

    I knew this will happen sooner or later. Only Germany is doing will in the Europe. Therefore, the UK can’t provide for the rest of Europeans. The UK has to say good bye, sooner is the better.

    • 5
      9

      Better for all or better for UK ?

      What do you mean by your two cts worth ? Man it is like cut their head by own. Their economy is no good over the years.

      • 1
        4

        Great Britain cannot be Great forever!

        They got Great by Riding on the backs of India and other Asian Countries that they Occupied by Force!

        Most Brits are now Regretting that they voted ‘FOR’! It was a ‘FOR’ Vote whipped up by the Media, against Asylum Seekers, not Really to leave the EU!

        • 1
          5

          Well the West planed to dominate the world through trade, but didn’t work. The EU was developed too fast without planning properly. I believe that every country must have the freedom to control its immigration. The British voted to leave, because of the uncontrollable immigration to the UK from the poor European countries. Sadly, global recession is one of the major negative aspects of this Brexit. I knew that the EU will collapse sooner or later. Because, only Germany and few other small countries are doing well in the Europe. The UK can’t provide for the rest of Europeans. Therefore, the UK has to say good bye to the EU, sooner is the better.

    • 5
      9

      I also thought that this will happen because the slogans by so called nationalist, patriotists, racist are much stronger effect than liberal politics. This is a victory for them. In my opinion, even in US, Republican candidate Donald Trump might succeed to become President of UK. In fact, the globalasation is coming to an end because the free market policy created in the interest of western world economics is now not in favour of western countries.

      • 1
        9

        No more UK. Scotland already announced that they want to join with EU after separating from UK. Ireland will follow them. Then only England remains. No more Europe with them. After seperation they may announced their currency as euro.

    • 2
      0

      “Only Germany is doing well in the Europe.”
      Antany Peter:-

      So it was not the Jews that made Germany Prosperous!

    • 0
      0

      Antany Peter

      Norway did not Join the EU, and doing OK.

      Why can’t Britain do the Same.

      After all “Britannia Rules the Waves.”

      • 1
        1

        After all “Britannia Rules the Waves.”

        Amarasiri:-

        Britannia rules the Waves No More. Come and Live in the Present World!

        • 0
          0

          Hamlet

          “Britannia rules the Waves No More. Come and Live in the Present World!”

          Now that Britania has developed Drons perhaps they don’t need to rule the waves.

          Well if needed they can piggy back on US’s hardware.

        • 0
          0

          “Britannia Rules the Waves”

          Romans ruled the land!
          Britannia ruled the waves!
          Americans Ruling the skies!
          Next superpower will be ruling space!

          • 4
            0

            “”Next superpower will be ruling space! “
            (space is astro+aero engg)

            What you are unaware is that Britain invented the plane and world wide web.

            EU referendum | Sixty years of strained relations
            From resistance to its entry and rows over contributions to monetary policy disputes and threats to leave, Britain has had a bumpy ride within the European Union
            1957
            Treaty of Rome is signed
            France, West Germany, Italy, Belgium, Luxembourg and the Netherlands, six founding members of the European Economic Community, sign the Treaty of Rome, but Britain withdraws from early talks.
            1963
            France vetoes UK joining Common Market
            French President Charles de Gaulle vetoed Britain’s entry in 1963
            With its economy flagging, Britain makes its first attempt to join the Common Market but is vetoed by Charles de Gaulle. The French President accuses Britain of a “deep-seated hostility” towards the European initiative.
            1973
            Britain joins EEC
            With de Gaulle out of office, Britain is allowed into the European Economic Community at last, but within a year calls for major reform of Common Agricultural Policy as well as changes in way the budget is financed.
            1975
            EEC referendum
            Harold Wilson held a referendum on membership REX FEATURES
            Harold Wilson’s Labour government holds a referendum over EEC membership, which splits the party but results on two thirds of British voters saying they want to stay in.
            1983
            Michael Foot defeated
            Labour leader Michael Foot promises withdrawal from EEC in his election manifesto, but his party is heavily beaten by Margaret Thatcher’s Conservatives.
            1984
            Thatcher wins Brussels rebate
            Margaret Thatcher won a rebate in row over contributions
            A key victory for Mrs Thatcher sees her win a “rebate” from Brussels. She had threatened to halt contributions because Britain was receiving far less in agricultural subsidies than some other members, notably France.
            1990
            Britain joins Exchange Rate Mechanism
            Britain joins the Exchange Rate Mechanism, 11 years after it was set up to harmonise European countries’ financial systems before the creation of a single currency.
            1992
            Black Wednesday
            In what became known as Black Wednesday, Britain is forced to withdraw from the European Exchange Rate Mechanism, after failing to stem intense currency speculation.
            1997
            Single European Currency
            Britain declares it will not be joining the euro for the duration of that parliament, after the single currency fails Gordon Brown’s ‘five golden tests’.
            1999
            British beef row
            France’s reaction to Britain’s ‘mad cow’ outbreak created long running tensions
            Tensions rise over France’s ban on British beef during the “mad cow” disease outbreak. France given an ultimatum from Brussels but the ban is not lifted until years later.
            2007
            The Lisbon Treaty
            Gordon Brown misses a televised ceremony of leaders signing Lisbon Treaty, which hands greater powers to Brussels. The controversial treaty took two years to negotiate, after plans for an official constitution were abandoned.
            2011
            Bank levy clash
            David Cameron clashes with Europe over plans to introduce a levy on banks and restrict London’s financial sector. The Prime Minister promises to bring back powers from Brussels.
            2013
            Cameron makes referendum pledge
            David Cameron promises an “In-Out” referendum if he wins the 2015 general election, which he does. He reiterates his manifesto commitment to hold a referendum before the end of 2017.
            February 2016
            EU referendum deal
            David Cameron negotiated a new deal for UK and will now let the public have their say
            David Cameron negotiates “new EU deal” for UK after 30 hours of talks but has to make series of concessions. The Prime Minister then announces the referendum will be held on June 23.
            23 June 2016
            Referendum
            REUTERS/NEIL HALL
            In a close-run vote, the British public decides to exit the European Union. An emotional David Cameron resigns as prime minister the next day.
            Yes, there will be a substantial sum of money which we will no longer send to Brussels, but which could be used on priorities such as the NHS
            Boris Johnson
            The only change – and it will not come in any great rush – is that the UK will extricate itself from the EU’s extraordinary and opaque system of legislation: the vast and growing corpus of law enacted by a European Court of Justice from which there can be no appeal. This will bring not threats, but golden opportunities for this country – to pass laws and set taxes according to the needs of the UK.

  • 5
    14

    UK is the next Greece making in Europe.

    For lankens it is the paradise for Europeans it is only an another burden. Germans would be more than happy to see it leaving EU, else, they woudl have to finance UK too. Germans still do their part to Greece. I know few UK men work in Germany and Switzerland dont want to return to their home country for various reasons. Among them getting a job (professional job)in UK is no means easy task apart from the health system of that country. Germany is a heaven for them most of all when thinking about Health system in the country.

    All these are out of average mind sets of LANKENS.. they believe UK is the paradise.

    • 8
      5

      Fifty years ago the only country Sri Lankans knew by name was UK and those who worked in petrol stations and remitting STG 15/- is a luxury for the family in Sri Lanka.

      • 5
        3

        It is the English makes the bond. No matter other countries in the Europe are far better off, lankens hang only on UK. That has been their culture. If one would dance on the downing street, that will be the number 1 news for lankens to immitate.. but in Europe, London is an another capital of a country so has been over the decades. We the lankens should learn to make new bridges with new countries. Politicians should change their mind sets so that Germany, France and other countries can be our partners not only hung on UK. That way us the poor nations could achieve more. I wonder why not lankens send their stundents to german and french universities why only to English speaking ones ?German universities can help lanken youth by offering exchange programs as they have been doing with afro and other asian countries. Not only DAAD but also other programs by which lanken students could get better qualified.

      • 5
        2

        And 50 years after what countries the srilankens are dealing most ? Again GB or not …. ? If a man living in london would pie in public places, … our guys would do the same in Cmbo or not ? thinking that is the way it should be… else, they know nothing about Europe,, for them GB is the ONLY country known in Europe. But GB issinking in EUrope is not known to them… why ? Because ours are the most stupidiest folks. Just show off only.

    • 1
      0

      For Srilankans , UK is the paradise as France is for French speaking
      former French colonies . Spain and Italy are believed to be the next
      Greece but yet , Srilankans are dying to reach Italy at any cost for
      mainly domestic jobs. Many huge houses built in Srilanka are from
      Italian jobs. In other parts of Europe generally Srilankans work in
      restaurants. But in the UK Srilankans and others are more comfortable
      at finding jobs and job training to their skills and an environment
      to make living conditions more like back home, far better . There are Srilankans in the UK and Europe who haven’t seen Colombo properly and
      to these people , yes , UK is paradise ! in another sense , even to
      the residents of mainly Colombo , Kandy , Galle and Jaffna the UK
      is paradise because UK looks after them better than their mother land . Why do people from countries like Lithuania , Poland , Check republic and other parts of newly joint Eastern and central Europeans flock to the UK in mass numbers annually ? In the world prosperity index , the UK falls behind Norway , Sweden , Switzerland and Germany but we must remember that UK has more responsibilities towards the rest of the world than tose countries .

  • 2
    4

    this “leave” shows that UK want its indipendancy, but one cannot understand the British still want to keep Nort-Ireland, Schottland and Wales under the UK flag and want to be the propereitor in the Common Wealth. Does this brexit actually an expression of unsatisfaction over the German dominance in the EU? They british still see the Germans as the agitator due to the past history of WW I and WW II? During WW II the british introduced “Made in Germany” to label the products of the enemy to identify the world that these products are not wished, but it back fired and “Made in Germany” became the trade mark of good quality. Germany championed as the powertrain of EU albeit all its burdens with Greek economy, finance crash and recently the more than million immigrants within a year period. It looks like the UK does not digest this success!

    • 13
      1

      “” It looks like the UK does not digest this success! “”

      If the world at large understood the english and american way of doing things then we may not be communicating in english.

      The EU is not going away because UK buys more than export to EU. Organisations that have employed cheap labour from EU are the ones who have lost.
      The Australians, New Zealanders. Canadians- the white commonwealth are happy that what went round has come around.(they were permitted to vote)

      Trump has just said he is very happy to be at Scotland and see his mother’s home.

      There is a lot going on for old time’s sake and 2 years before curtain falls bang.
      The Dutch and French are calling for referendum but i think the Danes would have it before.

      • 0
        1

        The aussis, Kiwis & canadians do not have any say, since it is a mater of Europe and not of Commonwealth!
        However the majority of the Youngsters are against brexit but the Fox hunting old Generation has decided to leave. Now Schottland and North-Ireland may leave the UK. Some newspaper wrote the small England has beaten the mighty UK.

        • 4
          0

          “The aussis, Kiwis & canadians do not have any say,”
          They are still commonwealth with a governor general and pay taxes to Uk. The A,NZ,C who are at present in the Uk were allowed to vote but not the EU nationals or Americans or SRI Lankans.

          There is nothing like that- They need the opportunity to leave and that does not come easy. The conservative governments of UK have given the opportunity while labour worldwide only bring down ladders and post medicore.
          Cameron must be thanked for being fair minded and keeping his promise which none would have done. – scotland ref; EU ref. These are ancillaries to general elections with fixed dates of the term.

          Obama has been the biggest drain on the EU and its resources.Added to it arm twisting of Germany to accept over million islamist.

          What will happen to Assange who is hold at the Embassy?

  • 15
    4

    some Sri Lankan ministers went all the way to UK apparently to ask them to vote for staying in the EU !

    What funny governments and guys we have ! Very entertaining !

    • 2
      10

      Hind sight even a donkey could be clever..

      Lanken economy is said to be dependent on UK. That was the reason them to have visited. I dont know why they voted so – I beleive, the English would sink alone …. if they try to be away from all this way.

    • 7
      2

      Harry
      It was an absolute joke to send our MP’s to tell the Britishers how to vote . Wonder who paid for this madness ?

    • 1
      3

      You must be so stupid to attack them this way. Mirgrant communities are teh targets of european politicians in gneral when making every efforts to get elected to their electorates. There are examples by few hundreds of votes they can make a change there unlike the case in Srilanka.
      What count for them is the votes not from whom they have coming. Migrants become citizens in those countries in the course of their stays. So, that is why those politicans rely very on those folks. Not just because their have a love towards such communities.

    • 9
      2

      harry hatton

      “What funny governments and guys we have ! Very entertaining !”

      Cameron just announced his resignation as the Prime Minister of UK.

      Is there anything for “our” politicians to learn from our former colonial masters?

      There are few crooks still cannot come to terms with their own defeat in elections.

      • 6
        1

        Your politicians cannot learn anything from their colonial masters because they are misfits in society.

      • 2
        0

        Would the crooks you mention also include Ranil who lost too many elections to count now?

    • 5
      3

      harry hatton

      SL ministers going to UK on a mission IS a sort mirror image of Milliband and Kouchner coming to Sri Lanka to advise us on how we conduct our business.

      Both ‘out of order’.

    • 4
      0

      It was just an excuse for a joy trip abroad at citizens’ expense.
      They are nobodies outside Sri Lanka.

  • 5
    4

    It is the refugees caused this result.

    • 3
      4

      Pacs

      Oh please.

      It’s better to keep your mouth shut and appear stupid than open it and remove all doubt.

      ― Mark Twain

    • 6
      6

      And who caused the refugees? It was bloody British and the Americans and French going round willy nilly bombing Libya, Iraq, Syria, and wrecking Egypt, Tunisia. All these countries had stable governments, may be authoritarian but they were stable and with strong economies,much stronger than Britsh.

      The western imperialists ruined those countries because of their ego and jealousies, as if they were bombing out the dam of a massive lake. Now all these people from those countries are flooding out, as their economies and countries have been ruined by yankees and Brits. They are inundating Europe, in the form of refugees. European Union, especially Britain and Germany are their destinations.

      This is a living and a real-time retribution on Brits, for what they have done to those middle eastern countries. Of course, damn Americans, they are laughing off their heads, for making Brits and their government so stupid enough to join them and do the US’ bidding in ruining and devastating other countries. Now all of them will suffer for what they have been doing.

      Today 120 Billion pounds worth of assets wiped out in one sweep, the value of the GBP down by 10%. God Help the sane and just people of Britain but the ignorant uneducated masses that live in imperial mindset, now take and eat the ruined economy that you created for yourselves. Bloody fools!

  • 7
    2

    Ranil Wickremesinghe should resign for using Sri Lankan tax payers money to support another politician that nation is rejecting and for interfering in another nation’s politics!

    • 2
      1

      Omdear, – you are an another Wimal Buruwanse, or ve been trying to one. Few years ago, he thought protest google products, then again today he feels as if nothing wrong with google… our men and women ar ethe stupidist of the world.. basta.

  • 3
    4

    I know many South Asian’s living in UK voted to leave, thinking that there will be more opportunities for migrants from commonwealth against Eastern Europeans. The truth is part of those who supported Brexit are extreme right wing racists. Today they hates Polish, and wait for it, tomorrow they will come for us.

    • 10
      1

      “tomorrow they will come for us. “

      If you don’t integrate even dogs would bark at you.
      go for a sporting event while claiming UK nationality then end up cheering Lanka- well you are anathema.

  • 7
    0

    The War to Start All Wars: The 25th Anniversary of the Forgotten Invasion of Panama.
    Now its Panama Papers.
    (UK: 43 Years of EU Membership.) Every war in the ME we have had an increase of EU members- this was not going to work.

    today it’s like the fall of the berlin wall for UK.
    no more restrictions the world is the oyster.
    live life by negotiation.

    David Cameron Quits and More than £100billion was wiped off the FTSE 100 this morning (no problem folk would buy again)

    Boris Johnson to be the next PM- he has worldwide support.

  • 10
    4

    All the donkeys are writing nonsense here .
    UK is the 5th highest Economy in the world.
    Every Tom , Dick and Harry wants to be part of Great Britain literally.
    Greatest Democracy , in the world .

    The UK Bashers should understand that UK can never be compared to the Banana Republic of Srilanka.

  • 6
    2

    Britain is indeed the 5th LARGEST economy in the world and they are well capable of looking after their own affairs.

    It is nice of our politicians to sojourn in London advising lowly minions as to how the British should vote, but it would save time and money if they stayed at home and concentrated on getting to grips with the myriad issues that bedevil our own people.

    WE broke free of the Old Colonial Master, so let us not meddle in their affairs, then WE can insist that they keep their noses out of our business.

    • 7
      0

      “”WE can insist that they keep their noses out of our business.””

      UK lost WW2. You should direct that to the `settlers` America that is controlling SL from 1948 and at present controlling the training /torture.
      Who rescued the government recently but the IMF and they have not finished.
      India does not blame UK except for the EIC theft.

      Obama Hussain should resign now and let Trump move forward then SL may have a solution to the ethnic conflict or it would be crusaders paradise.

    • 2
      0

      Spring koha

      Of course the minions can look after their affairs including voting .
      Have you heard of scratch my back while I scratch yours??

      This is what happened I believe ,when the marching orders were given to RW to summon speakers from the SL cabinet to the UK to pow vow the Srilankan domiciles to vote for remain , he had to oblige…
      the beggars cannot choose but obey the masters.
      There we go!! Srilankan Tax payers money down the drain .the jaunt to UK had been enjoyed by all concerned.

      • 1
        0

        Analyst,

        The jaunt was indeed money down the drain. The notion that the SL expats in the UK (Tamils and Sinhalese) can influence the outcome of a British National election is a hoary old myth. About as much as a mouse pleasuring an elephant. Expat Sri Lankans in the UK can look after themselves without any help from outside.

        The ministerial contingent enjoyed the summer weather, did some socialising, a little side business, and some shopping without having to worry about baggage restrictions.

        Nice, NO?

    • 2
      4

      where do you get teh information from ? I thought brites are the sinking or not… in Europe, they dont have a voice – that is why Cameran added today….

      Let me quote you: http://www.express.co.uk/finance/city/683003/Brexit-shock-France-overtakes-UK-worlds-fifth-largest-economy-pound-plunges

      • 7
        0

        Modaya, Great Britain is still the place where art and entertainment takes place- Glastonbury is on. The maximum inventions, almost all sports never short of ideas.
        When GB sneezes EU catches a cold and that includes the old colony america the land of `settlers` just like you.

        Banks, Ratings are all private entities like Goldman Sac’s etc.WW1 GB learnt some great lessons in banking so it stayed away.The Euro had to collapse and will anyday soon like the financial crash of 2007.

        No one touches British democracy or Bank of England the process is on (Mark Carney) and London is still the financial hub of the world. New plastic notes are on the pipeline.
        VW lost 5% GDP because they got caught cheating.

        • 1
          1

          SSS should be born pingona to see it that way. Those English men and women work in Switzerland, Germany and other countries in Europe see it other way around – they keep complaining current day UK is an another Greece in making. SSS or any others who live in Srilanka cant feel this since they only know about the past. I believe all what UK has done to the world as colonial parasites/mosquitoes boomerang on them today- making them the next Greece inthe region. Let s a spade as spade regarding the ground realities of current day UK – they are not the most powerful folk in the EUROPE. Most that have moved out of UK would not share what Farade s thoughts, since EU could save the UK than efforts mmaking to sink alone.

          • 5
            1

            Pin padde muttha,
            You like most blacks have a chip on your shoulder- a inferiority complex.
            UK is different from the continent in many ways- customs traditions etc.
            We are 2 faces of Freud and the other is 3 faces of Jung.
            UK is Security Council, still NATO that Putin shudders.London is still the financial centre. Banks are private entities that go bust and are saved by tax payers.
            Greece could not leave because of 2 US bases or it would have left.

            Pound Sterling is the old moneda franca until WW2 and oil.
            Mineral Water is next big thing and it’s an english patent right Nestle. whose money would then be greater £ or $??

            We don’t need EU as much as EU traders need UK.US is a romantic story- of “the old good nature and the old good humor between our peoples.the links of language, tradition, and personal contact have maintained it.

    • 6
      1

      Spring Koha

      “Britain is indeed the 5th LARGEST economy in the world and they are well capable of looking after their own affairs. “

      You are right if you are using an old conventional method to measure the size of the economy.

      However, if you use Purchasing Power Parity (PPP) method you will see the UK is the 10th largest economy Germany 5th. Here are the first 10 top economies measured in PPP:

      1 China
      2 United States America
      3 India
      4 Japan
      5 Germany
      6 Russia
      7 Brazil
      8 Indonesia
      9 France
      10 United Kingdom

      http://statisticstimes.com/economy/
      world-gdp-ranking-ppp.php

      I am sorry to say Sri Lanka is not even above Sudan.

      What is ‘Purchasing Power Parity – PPP’
      Purchasing power parity (PPP) is a theory in economics that approximates the total adjustment that must be made on the currency exchange rate between countries that allows the exchange to be equal to the purchasing power of each country’s currency.

      The relative version of PPP is calculated as:

      Purchasing Power Parity (PPP)

      S=p1/p2

      Where:
      “S” represents exchange rate of currency 1 to currency 2
      “P1” represents the cost of good “x” in currency 1
      “P2” represents the cost of good “x” in currency 2

      http://www.investopedia.com

      • 0
        0

        “Purchasing Power Parity and China leading is no gauge.

        China does not buy and that is the main crunch with the west.
        China has trade balances everywhere.

        the Brits though small in number are the big spending tourist of lanka and that matters- export item.

        Sitting on the pot of money like a lender when money is surreal. Then gobbling foreign aid and a 400 million unemployed but none starve.

        • 2
          1

          Dragos

          “China does not buy and that is the main crunch with the west. China has trade balances everywhere.”

          Have you ever bothered to look at the China’s official international trade figures for the last 60 years or so?

          China’s Exports & Imports

          in US$ billion

          2010

          Export 1,577.75 Import 1,396.24 Balance 181.51

          2011

          Export 1,898.38 Import 1,743.48 Balance 154.90

          2012

          Export 2,048.71 Import 1,818.41 Balance 230.31

          2013

          Export 2,209.00 Import 1,949.99 Balance 259.01

          2014

          Export 2,342.75 Import 1,960.29 Balance 382.46

          Do these figures make any sense to you? It didn’t when you missed the main point.

          Here we are discussing relative facts and not myth.

          I am told Japan too was sitting on large surpluses in the early 1980’s which alarmed the US right wing politicians and rest of the world, however those surpluses claw back into investments in those countries.

          Japan started buying large companies, land, range, arts, ….. with its surpluses and bought loads of US treasury bonds.

          • 3
            0

            “Do these figures make any sense to you? It didn’t when you missed the main point. “
            The west is China’s and hong kong’s main export but minimum import.
            china wants product brand power — that is not for sale.
            You are selling not buying just like china- dumbass!

            China’s main imports are mechanical and electrical products (34 percent of total imports) and high tech goods (23 percent). The country is also one of the biggest consumers of commodities in the world. Among commodities the biggest demand is for crude oil (6 percent of total imports), iron ore (2 percent), copper and aluminum. Agricultural products account for 5 percent. China’s main import partners are: the European Union (12 percent of total imports, of which Germany accounts for 5 percent), ASEAN countries (12 percent, of which Malaysia accounts for 3 percent), South Korea (10 percent), Japan, Taiwan and the US (9 percent each) and Australia (4 percent). This page provides – China Imports – actual values, historical data, forecast, chart, statistics, economic calendar and news. China Imports – actual data, historical chart and calendar of releases – was last updated on June of 2016.

            Neither China nor India need worry much about external trade.
            ET Now: Will Brexit prove to be a God sent for India with Fed’s decision delayed and any possible flight of capital postponed? Even crude prices may stay benign for a while. So, do you think this is a God sent?

            Raghuram Rajan: If you are asking whether there are silver linings in all this, yes there probably are. On one hand, the effect of a slowdown in the UK and perhaps in the Euro areas may have resulted in an adverse effect on our exports but on the other hand, the boost given to us by a fall in commodity prices especially oil offsets that a little bit. In general, I am of the firm view that adverse events elsewhere in the world do not necessarily help us but in relative terms yes we are a largely domestic oriented economy, lot of domestic consumption, some pick up in domestic investment may help. We are a little more immune to outside events than other countries are but I would be far from saying that we are totally immune.
            ET Now: Do you believe that Brexit is going to further push out money that will flow out of India; will it aggravate the flight of capital when the FCNR maturity does happen?

            Raghuram Rajan: Whether it does or not, we are anticipating something like 80% of what was put in will go out, if it becomes 90% it is actually not that material in terms of the kinds of buffers we have. So, I would believe that to be well managed. The FCNRB outflows will be a non-event but of course we have to take precautions. We are in the process of building up some of the forward positions we had. We are taking delivery on them and as we build up those forward positions, we will be less reliant on people having to come up with the dollars at the the right time. We will already have it and we can supply them whoever needs it at that point.

            ET Now: Will Brexit fuel more copycat referendums? Is Denmark going to be out there next? Could Sweden be wanting to opt out next? Do you believe there will be many more too wanting to exit the Union now?

            Raghuram Rajan: If this has adverse consequences as economists, the fund or the bank of England have predicted then perhaps it may cause other countries to pause a second and say well may be they are right about the economic consequences because no referendum is going to be done in the next month or so. It will take some time by which you will see the initial consequences of this particular action. Having seen that they might decide other than moving out, of course movements within countries may take heart from how successful the Brexit campaign has been and decide that let us go for it anyway. Let us forget about the economic cost. So, it would play both ways. We have to see how it plays out but my hope is that it is not just the campaigners but authorities round the world who take note of some of the forces and sentiments that led to this particular vote and we make adjustments as necessary.

            ET Now: We do hope authorities around the world pay more heed to people like you. You do not just talk on economy and finance. Your views on global matters are valuable. Are you perturbed by the rise in anti-global, protectionist sentiment? What ramifications does this have on impending US elections? Could we actually see Donald Trump being elected the president of the United States?

            Raghuram Rajan: We have to acknowledge the cost of globalisation. Benefits are captured unevenly. We have to find mechanisms to alleviate the burden that is imposed on certain segments of society. That certainly is the thinking that has to go on in industrial countries and certainly even from an emerging market perspective, we have to constantly make the case for more openness for the fact that it has helped us. We have to lobby to ensure that the world economy stays open to us as we grow.

            ET Now: Would you have wanted your next generation to inherit a world that is becoming far more inward looking than it has been in the past?

            Raghuram Rajan: No, it certainly is a worrisome development. But at the same time as the forces are about looking inward, they are also about talking about independence not being subject to the constraints imposed by entities that you have no control over. This message is coming out from this Brexit vote. We need to understand this mix of a desire for recapturing your sovereignty even while we want countries to participate in the global economy and not erect barriers vis-a-vis one another to trade and cultural exchanges. So this really calls for rethinking global governance. We have taken it too lightly and I think this is a wake up call across the world.
            ET Now: Is this a problem created by politicians across the world and eventually the price is being paid by the global economy?

            Raghuram Rajan: I would not say that. I would say it is actually an awakening of the people to certain cost of technology of globalisation. It has happened before. This is not the last time it will happen and the real sort of solution is for the political establishment to understand how to deal with it even while keeping the economic avenues open.
            _____
            ET Now: Is this a defining moment in history that may re-chart our course. Many believe this to be the biggest event since World War II. Do you concur?

            Raghuram Rajan: It is a very important event and it is about the forces of anti-globalisation, anti-unity that are emerging. However, I think the true impact of this event will only be known over time. Clearly, the United Kingdom will now have to prepare to exit the European Union but whether that will precipitate more exit whether that in turn will precipitate more anti-trade movements in other countries and the election of anti-trade leaders and whether that eventually hurts countries that are very dependent on trade across the world remains to be seen. There could be a lot of correction along the way in which case this would be seen more as a one off event for the United Kingdom rather than a global event.

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            “”Japan started buying large companies, land, range, arts, ….. with its surpluses and bought loads of US treasury bonds. “”

            Formerly a recluse nation.Because of the taste of marshall plan they went shopping.
            Japan lost in the 70’s because it put all eggs in the USA. Very first investment China lost the max it could withdraw for FDI in one year $100 billion in 3 months February 2008 via Citi Bank- Fannie Mae and Freddie Mac.
            China is not in a hurry to sell US$ 1.7 trillion US bonds. Even after purchasing more yuan the now international currency it still has US$ 3.25 trillion foreign exchange reserves.
            China is worried that 3rd world nations borrowings of short term loans have turned out to be bad loans because of low commodity prices. Chinese slowdown is affecting the world but China is on a 10 year internal trade and development policy and tackling corruption. India is desperately trying to copy the internal trade to offset unemployment and bring forward the quality of life. At India Amazon can only sell market place products not its own Prima products in india- Jeff is not happy but modi is. AliBaba english school teacher Ma out maneuvered Amazon china.

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    Yahapalanan instigator bites the dust..

    I am opening the best bottle in my Malt Collection to celebrate.

    And hope our Dalits keep breaking coconuts..

  • 2
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    Lost? Even with the great support from a governmental team from Sri Lanka?

    Aseelavathi, Native, Samuel!

    Don’t you think, MR would have used part of his “stolen 18 billion US$” to topple Cameron to take revenge from the yahapalanaya?

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      Get the facts right man.: As some have recommended you really need to change your fodder brand – local punnakku cant give you a healthy thinking. Those Rajakashe political crocodiles though grabed 18 or more billions, they have no idea where they have hidden them. They cant even get closer to Europe, but to Japan – or swaziland.. remember ? That is the problem for them by this day.

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        Oh yet another pathetic toyya by the name of Simon De Silva! Hello, if one sneaked into Europe, one way or the other, he/she is clean? And the visitors to Japan are thieves! Wasnt MS there in Japan recently? Man, are you to say our simple president is a ‘hora’? Get lost man. Just double check who needs better punnakku?

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      Max, when would you become normal ? or you are an another ape becoming to the category ? Just because few local lankens asked them to decide their voting, do you ever think they could influence on it ? Lankens in living in the UK dont care what is being explained to them,- they are fully ignorants – they just act thinking they are part of GB.. that you know as former leela who once said to have returned to lanka having lived in the UK for such a long time … or you may be some one else who added teh same thougths of your kind to make us bored here ?

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        Samuel, at the rate of you blaming MR for let alone his own blunders but yahapalana blunders also, it is obvious to ask such a question from you. And if I were to take your argument here, then why did your so called yahapalana govt sent a team there with poor man’s tax money with you lickers blessings?

        When MR sent a team to grab the commonwealth games to SL, you took no time to bash him. Were you in moon when yahapalana losers went to UK for vote grabbing?

        So, who’s normal and who’s abnormal? Pointing out wrong of both sides or polishing decaying yahapalanaya blindly?

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      the area where remain lost there are hardly any lankans.
      so stop imagining rubbish and contemplate on your match that you would lose.
      20 to win 126 balls left

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      When Cameron canvassed for Batalanada Ranil, even some of our Sinhala Buddhists, who think they are Elite joined the Anglicans, Bathgottas, Vellasa and the Wahabis to to vote for Yahapalana and wrecked the country.

      Wonder what the British Blue Collar workers, over 50 Mums and Dads and the retirees would have told Yahapalana Boss Batalanada Ranil, when he asked the British to vote for Cameron and stay in EU?…

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    Well Good news , next ,, hopefully we can hear the end of great britain and to see its borders minimised to England only ..

    all evil must come to an end too ..

    Turkey should form its own Union with Russia ,Central Asia and China ,,,

    Don’t laugh ,what hee ,hee ?

    You never know anything is possible .

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    Mosey Parker LOl , they never referred as britishers , they are Britons ,

    I beg your pardon mama……………….

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    @Native Vedda- The Colonial masters are crook makers and their slaves will always remain devoted cheap crooks as made by their masters ..

    Rob and rob ,, that is the way for progress

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    Let me explain BREXIT.

    This is a choice between ruling ourselves with our own elected Politicians who are accountable to the UK voters. We can get rid of them.

    or

    Being ruled from Brussels by unelected Bureaucrats who we did not elect, cannot get rid of and are accountable to nobody.

    Why would anyone choose the second option (EU)? We are free people not slaves!

    This is the end of the EU imho – more countries will leave. Good riddance – the EU belongs in the dustbin of history.

    This is about Democracy – not racism or nationalism.

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      UKCitizen

      “This is about Democracy – not racism or nationalism.”

      Since you are an UKCitizen and I am not, you are in a very good position to explain all these fuss about nothing.

      Why and how the idea of Common Market was developed?

      What is the reason the UK has unilaterally decided to leave EU?

      And possible fallouts from this earth quack.

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    The Generation Gap:How ages voted[You Gov poll].

    18-24:75% Remain.
    25-49:56% Remain.
    50-64:44% Remain.
    65+ :39% Remain.
    Perhaps,these figs:will be a reflection on the thinking behind the vote.
    I know one thing; The influx of East Europeans,Polish,Czech etc;inside the UK.was going a little too far,especially for the older folk!

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      Plato.

      “The influx of East Europeans,Polish,Czech etc;inside the UK.was going a little too far,especially for the older folk!”

      How far is not too far for the older folks?

      I also heard those recent migrants from this island including Sinhala British (SB), Tamil British (TB), Sri Lankan Muslim British too don’t like to see too many “Foreigners” arriving in their UK.

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    I salute The british PM , I seen this happen in quiet some countries , even in India .

    Sri Lanka is a very Unique country where The Politicians who asked to go home by the citizens and the fit only for home for the aged still keep coming back or continue to stay on.

    Can we follow the good examples of the Colonialists..

    That will be the day.

    Please move aside and make room for the able Youngsters , in Politics and Government sectors , without prejudice… When will Sri Lanka ever mature ?

    —————
    David Cameron resigns after UK votes to leave European Union
    The Guardian‎ – 6 hours ago
    PM announces resignation following victory for leave supporters after divisive referendum campaign. … the British public took the momentous decision to reject his entreaties …

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    @UKCitizen , I beleive you must be a descendant of a slave of the Britons,

    The Crow is black , the Koha is black and all the Kalu sudas are still black and will always be slaves ,never equal to their masters.
    ==============================================================
    Message to the President,Prime Minister and all The Members of Parliament of Sri Lanka
    =========================================================================
    When will sri Lanka government stop giving dual citizenships to every tom dick and Harry as if our passports are some cheap toilet paper????????

    It is time to start pressuring the present government to stop compromising our birth rights to those who have given up theirs .

    Even the ones who have been granted dual citizenship should be brought under a new scheme .

    They should be made to invest at least 10 Million USD in Business ,where all poor Sri Lankans (from all races and Religious groups)can benefit.

    If They can not meet this criteria, taxes due to foreigners should be applied on Landed properties and other investments and also a fixed levy should be introduced and this should go into a special scheme to help the underprivileged in the country
    please Stop stop issuing Dual citizenships to those who can not contribute ,either by investment , able to do fundraising to local established NGO ( (strictly monitored) , or use their skills and knowledge to educate the local poor folks on Volunteer basis.

    The rest you should consider a PR system like India . but still make them pay a special levy to help the poor .

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    Congratulations to Britain on leaving the EU!

    In this modern global era, there is really little need for geographical alliances. With shipping and aircraft routes, countries have their right to alliance with whosoever they wish to.

    Indeed, it is in Sri Lanka’s interests to become a member of the EU as we get so many of EU nationals coming in as tourists onto our soil, and we also sell them our garments.

    Chinese String-of-Pearls is another good Union for Sri Lanka . We can belong to multiple unions, and even to the United States Union.

    We will leave it to Trump to trump all deals in the most commonsensical of ways.

    https://www.youtube.com/watch?v=yuZ8E8Id590&list=RDyuZ8E8Id590

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      “Indeed, it is in Sri Lanka’s interests to become a member of the EU”

      It’s not in Taiwans interest to join China because of the quality of life.Though many older Taiwanese have their second home in the mainland.
      politics is secondary.
      Brexit vote was on same count `quality of life`- too many poor from south and east europe and refugees high up on the ladder for all types of vacancies.
      Left thinking politicians don’t know what they are saying because it is not their money and once it ends they disappear.
      Over 90% of Lankans are left thinking patriots. The begging bowl is standard and if not sufficient just nationalise.

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        Neither here nor there, aren’t you Adams. With Sri Lanka a member of the EU, it should mean a monetary union with trade, and not necessarily migration of masses of people. Maybe the UK can rework a new EU deal. Let’s hope that US will not attack UK like they did Libya and Iraq, for not belonging to Unions most advantageous for US currency.

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          “Neither here nor there, aren’t you Adams.” concerned! aney how sweet.
          “monetary union with trade”

          The one that flew away is a bad omen like russia and the republic.
          The Pound Sterling shall always remain special and with the ones that stayed Gibraltar, Malta, Madagascar, etc.

          pirates know their trade and US/UK is sooo special a relationship.Without UK American access to continent is limited but it is complementary.

          Obama is still an outsider and his mother a social worker from Hawaii.
          No man will ever carry out of the Presidency the reputation which carried him into it.- Thomas Jefferson

          “I pray, Mr Adams, that the United States does not suffer unduly from its want of a monarchy.”
          -HM King George III of Great Britain to then-US Minister Plenipotentiary to the Court of St James, the Honourable Mr John Adams, at the occasion of Adams’ audience with the King on 1 June, 1785.After their initial audience, the King and Adams became friendly, and Adams was invited to free use of the King’s personal library, which now fills one of the front halls of the British Museum. The royal library includes a large collection of American books, fossils and other artifacts.
          Queen Elizabeth has retained that special relationship.
          Trump has promised to size up the internal debt merchants wholesale.
          ___
          Brexit is a very important event and it is about the forces of anti-globalisation, anti-unity that are emerging. However, I think the true impact of this event will only be known over time. Clearly, the United Kingdom will now have to prepare to exit the European Union but whether that will precipitate more exit whether that in turn will precipitate more anti-trade movements in other countries and the election of anti-trade leaders and whether that eventually hurts countries that are very dependent on trade across the world remains to be seen. There could be a lot of correction along the way in which case this would be seen more as a one off event for the United Kingdom rather than a global event.

          Exposed to exports as some other countries are. Certain amount of volatility was expected given the predictions (of Bremain) and what actually happened (Brexit). Going forward, I think we will see this evolve and I do not think it is a one-off thing. There is a process and as we have discussed number of times, there is also the possibility of contagion, contagion to Europe, contagion to the United States and then back from there to some of the emerging markets.

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          …….are you*

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    thisis retribution what the brits did to srilanka- Tamil problem is their creation Uk has become the first traditional homeland for Tamil Tigers so much for good of us Brit going down the pallma

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    This must have hit Suren Surendra’s Elite Tiger Diaspora like a ton of bricks..

    Even with Yahapalana Dual Passports, BTF members have to fork out more than 200.000 British Pounds for the cheapest pad in ASTORIA tower in Kolupitiya ,as the ass fell off the Pound.

    How sad….

    But the absentee Vellala Land Lords can sell their land with the Dual Passport, and collect big time, as the prices have gone up even in Vevettithurai and Chunnakam.

    But the Dalits will have to still wait for Yahapalana hand outs to get a roof over their heads.

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    According to Nigel Farage the Manipulator, 48% of UK people are non-ordinary, unreal and INDECENT! Because in his own words ” This Victory is for real people, ordinary people and Decent people”

    Hours after the victory the manipulator says £350 million per week to NHS claim is a Big Mistake!That was their biggest advertisement in the leave campaign!

  • 0
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    What are the lessons for Sri Lanka from Britain leaving the EU?

    It is an opportunity for Sri Lanka to influence the Commonwealth Secretariat to make the Commonwealth a free trade area with preferential access for contract staff to work in the Commonwealth of Nations. It can be expanded to be a Free Trade Area for all English Speaking countries.

    The lesson for the current rulers is the need to create employment opportunities. The government needs to establish one stop BOI zones completely independent of approvals by all other government agencies, by having branches of all such agencies in the BOI. If not, there will be no private foreign investment and no job creation. The recommencement of the Port City Project and the Chinese funded infrastructure projects is a move in the correct direction.

    At a time when the occupancy of our City Hotels is poor, there is a need to review the Packer Casino Project, if no action is taken to reduce the gambling on horse races and the existing casinos. However, effective action needs to be taken to charge an entrance fee and passport checks, to restrict the usage to foreign passport holders.

    If there is increased unemployment at the time of the next election, even among the graduates without a command of English language, what happened in Britain will happen in Sri Lanka.

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      “”It is an opportunity for Sri Lanka to influence the Commonwealth Secretariat to make the Commonwealth a free trade area with preferential access for contract staff to work in the Commonwealth of Nations. It can be expanded to be a Free Trade Area for all English Speaking countries. “”

      It’s not Lehman bros collapse.

      Nothing like that is going to happen. Boris has promised to keep most of the clauses of trade alive but control of immigration, industry, agriculture fishing policy/protection etc. In anycase the white commonwealth would have automatic preference because of unsewered cultural links, good sense of humour.
      (presently, 90% of British trade is with USA and EU.

      Boris Johnson: More than 17 million people voted to leave the EU – more than have ever assented to any proposition in our democratic history. There were more than 16 million who wanted to remain. They are our neighbours, brothers and sisters who did what they passionately believe was right.
      I believe that this climate of apprehension is understandable, given what people were told during the campaign, but based on a profound misunderstanding about what has really taken place. At home and abroad, the negative consequences are being wildly overdone, and the upside is being ignored. The stock market is way above its level of last autumn; the pound remains higher than it was in 2013 and 2014.
      The economy is in good hands. Most sensible people can see that Bank of England governor Mark Carney has done a superb job – and now that the referendum is over, he will be able to continue his work without being in the political firing-line. Thanks in large part to the reforms put in place by David Cameron and George Osborne, the fundamentals of the UK economy are outstandingly strong – a dynamic and outward-looking economy with an ever-improving skills base, and with a big lead in some of the key growth sectors of the 21st century.
      We should be incredibly proud and positive about the UK, and what it can now achieve. And we will achieve those things together, with all four nations united. We had one Scotland referendum in 2014, and I do not detect any real appetite to have another one soon; and it goes without saying that we are much better together in forging a new and better relationship with the EU – based on free trade and partnership, rather than a federal system.
      I cannot stress too much that Britain is part of Europe, and always will be. There will still be intense and intensifying European cooperation and partnership in a huge number of fields: the arts, the sciences, the universities, and on improving the environment. EU citizens living in this country will have their rights fully protected, and the same goes for British citizens living in the EU.

      British people will still be able to go and work in the EU; to live; to travel; to study; to buy homes and to settle down. As the German equivalent of the CBI – the BDI – has very sensibly reminded us, there will continue to be free trade, and access to the single market. Britain is and always will be a great European power, offering top-table opinions and giving leadership on everything from foreign policy to defence to counter-terrorism and intelligence-sharing – all the things we need to do together to make our world safer.
      The only change – and it will not come in any great rush – is that the UK will extricate itself from the EU’s extraordinary and opaque system of legislation: the vast and growing corpus of law enacted by a European Court of Justice from which there can be no appeal. This will bring not threats, but golden opportunities for this country – to pass laws and set taxes according to the needs of the UK.
      Yes, the Government will be able to take back democratic control of immigration policy, with a balanced and humane points-based system to suit the needs of business and industry. Yes, there will be a substantial sum of money which we will no longer send to Brussels, but which could be used on priorities such as the NHS. Yes, we will be able to do free trade deals with the growth economies of the world in a way that is currently forbidden.

      There is every cause for optimism; a Britain rebooted, reset, renewed and able to engage with the whole world. This was a seismic campaign whose lessons must be learnt by politicians at home and abroad. We heard the voices of millions of the forgotten people, who have seen no real increase in their incomes, while FTSE-100 chiefs now earn 150 times the average pay of their employees. We must pursue actively the one-nation policies that are among David Cameron’s fine legacy, such as his campaigns on the Living Wage and Life Chances. There is no doubt that many were speaking up for themselves.

      But they were also speaking up for democracy, and the verdict of history will be that the British people got it right.

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