Alan Mudie, Société Générale Private Banking’s head of investment strategy, who was in the Island last week for presentations to clients and contacts, described Brexit as ‘the worst-case outcome’ for the remaining EU member states.
Speaking after the presentation, Mr Mudie said: ‘If the European Union were to lose such a sizeable member, from the EU leaders’ perspective it would diminish the EU to quite a dramatic extent and it would also have an economic impact, which would be felt across the EU – less marked than the economic impact in the UK, which would be quite sharply negative, but it would still be negative elsewhere.’
Earlier, Geneva-based Mr Mudie told the audience that he was particularly worried that German Chancellor Angela Merkel was losing support, which was creating ‘a risk for the EU as a whole’.
