21:16 GMT +318 April 2019
Listen Live
    Brexit words

    Ecuador Can ‘Lose Competitiveness’ Because of Brexit - President

    © Flickr/ Jeff Djevdet
    Politics
    Get short URL
    Britain Says 'Cheerio' to EU (463)
    115

    Brexit could have a negative impact on Ecuador as it could lead to the weakening of the euro, Ecuadorian President Rafael Correa said.

    MEXICO CITY (Sputnik) – On Thursday, the United Kingdom held a nationwide referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of the voters, or 17.4 million people, supported Brexit (UK leaving the EU).

    Correa said as cited by El Comercio on Friday that if the dollar strengthens against the euro following Britain’s exit from the bloc, Ecuador "would lose competitiveness being a dollarized country."

    Ecuador uses the US dollar as its official currency.

    The United Kingdom still needs to formally notify the European Union of its intention to leave the bloc. After that, it has two years to negotiate the terms of its divorce. According to European Council President Donald Tusk, the entire Brexit process could take as long as seven years.

    Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 24, 2016 after Britain voted to leave the European Union in the EU BREXIT referendum.
    © REUTERS / Ralph Orlowski
    Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 24, 2016 after Britain voted to leave the European Union in the EU BREXIT referendum.

    Topic:
    Britain Says 'Cheerio' to EU (463)

    Related:

    Pro-EU Rallies in Scotland as UK Votes for Brexit
    Brexit Is 'The 1989 of This Generation'
    Brexit Procedures May Take Longer Than Two Years - Russian Envoy to EU
    US Policies: Obama Discuss Brexit With Cameron, Merkel
    Canada to Maintain Close Economic Ties With UK Following Brexit
    EU Leaders Reaffirm Support for UK Despite Brexit Vote - British PM Office
    Russian Envoy to EU Believes Brexit May Strengthen European Union
    Brexit Vote to Have Major Impact on UK, EU, World in General - OECD Chief
    Donald Trump: Brexit Decision Great for Trump Businesses
    Carter Speaks With UK Counterpart, Reaffirms Strong Relations Amid Brexit
    Tags:
    dollar, Brexit, European Union, Ecuador, United Kingdom
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik