Now that voters in the U-K are saying goodbye to the European Union,global financial markets are in for a roller coaster ride.
It will still be some time before we know the full effect the vote will maintain on Wall Street, but globally the hits are already coming. The pound suffered one of its biggest one-day falls in history Friday, or plummeting more than 10 percent in six hours on concerns that severing ties with the EU will damage the U.
K. economy and undermine London's position as a global financial center."This is telling us that once remote risks are actually quite possible," said Rob Cox, Global Editor for Reuters Breakingviews. "There's not sort of this thing they need to scream with their hair on fire, and it's not even like the financial crisis in that sense but it does advise you,you can't price some of these things."Cox spoke with WNYC's Soterios Johnson.
With reporting from the Associated Press.
Source: wnyc.org