Brexit Rocks Markets as Some Ask for 'Re-do'
LONDON - London Stock Exchange trading in shares of two big British banks -- the Royal Bank of Scotland and Barclays -- had to be temporarily suspended Monday, amid more volatility in the markets following the country's decision to leave the European Union.
That financial turmoil and uncertainty led to a message across the channel from European foreign ministers to Britain -- and it wasn't 'please stay' but 'see ya later.' They want the process to move as quickly as possible - partly to help calm things down.
"We need to turn the page; we don't want a vacuum," Dutch Foreign Minister Bert Koenders explained. "And it's important now that these negotiations with the United Kingdom start in good faith, but as soon as possible."
European Parliament President Martin Schulz said negotiations should begin Tuesday. But British Chancellor of the Exchequer George Osbourne says the U.K. will decide when it leaves.
"Only the U.K. can trigger Article 50. And in my judgment, we should only do that when there is a clear view about what new arrangements we are seeking with our European neighbors," Osbourne said.
Some European leaders, however, would like to allow Britain to reconsider. Over the weekend more than 3 million British signed an online petition to hold a second referendum vote.
One of them, stay-at-home mom Lucinda Johnson, said, "People need to reconsider and I think it would be great to have another vote. I think everyone is kind of regretting it."
But resident Steven Burridge said, "I think it's ludicrous having another referendum. You know, you can't just keep going, can you?"
Resident Dennis Madden agreed.
"They can't stop it," he said. "You know the people have voted, not the government, so if that's what people want, they should get on with it. You know, they get voted in, they get voted out. It's not an election, but get on with it."
Meanwhile, five more nations could decide to leave the EU: France, the Netherlands, Austria, Finland and Hungary.
France's Front National leader, Marine Le Pen, has pledged to hold a French referendum if she wins next year's presidential elections.
It's going to be a rough ride -- not only for the markets, but also for the European Union in the days ahead.
