Britain – EU divorce: Will it be demise of Europe?
Europe angrily demanded a quick divorce as sparks flew Saturday over Britain's seismic vote to abandon the EU, toppling Prime Minister David Cameron, pounding world markets and fracturing the island nation.
European Commission chief Jean-Claude Juncker called for rushing Britain out of the door as the bloc grappled with the impending loss of one of the world's top economies, the first defection in its 60-year history.
Cameron announced Friday he would resign by October and let his successor lead the exit negotiations under Article 50 of the Lisbon Treaty which sets out a two-year time-frame to leave.
"I do not think it would be right for me to try to be the captain that steers our country to its next destination," the outgoing prime minister said as sterling, global stocks and oil prices plummeted.
Britons, many worried about immigration and financial insecurity, cast aside the prime minister's warnings of isolation and an economic disaster, voting 52 percent-48 percent in favour of "Brexit" in Thursday's referendum.
Moody's cut Britain's credit rating outlook to "negative", warning of the economic threat to the country.