EU leaders tell Britain to act quickly to resolve political, economic confusionJune 29, 2016 - 09:51 AMT PanARMENIAN.Net - European leaders told Britain on Tuesday, June 28 to act quickly to resolve the political and economic confusion unleashed by its vote to leave the European Union last week, after the IMF said the uncertainty could put pressure on global economic growth, Reuters reports. Sterling and world stock markets recovered slightly on Tuesday but investor confidence remains fragile despite policymakers saying they will take all necessary measures to protect their economies. Last week's referendum wiped a record $3 trillion off the value of global shares and sterling fell to its lowest level in 31 years against the U.S. dollar. British Finance Minister George Osborne, whose attempt to calm markets on Monday went unheard, said on Tuesday the government would have to cut spending and raise taxes to stabilize the economy after credit rating agency Fitch became the third agency to downgrade UK debt. Businesses have announced hiring freezes and possible job cuts, despite voters' hopes the economy would thrive outside the EU. Germany's financial market regulator delivered a double blow to the City of London, saying it could not host the headquarters of a planned European stock exchange after Britain leaves the EU and could not remain a center for trading in euros. European countries are concerned about the impact of the political and regulatory uncertainty on the economies of the other 27 other EU members while the UK government works out how and when to begin withdrawal negotiations under Article 50 of the Lisbon Treaty. European Central Bank President Mario Draghi said on Tuesday that central banks around the world should aim to align monetary policies to mitigate "destabilizing spillovers" between economies. Draghi had added that he agreed with private economists who predict euro zone growth will be reduced by up to 0.5 percent cumulatively over the next three years due to the "Brexit" vote. Related links: Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Armenian, Iranian foreigh policy chief talk over the phone The Foreign Minister of Armenia once again expressed condolences to his counterpart on the death of the President of Iran. Armenia, U.S. customs authorities to boost assistance with new deal The government has approved an agreement with the U.S. government on mutual assistance between the customs authorities. Armenian government besieged by protesters Protesters led by Archbishop Bagrat Galstanyan poured into Yerevan’s Republic Square to try to surround the seat of Armenia’s government. Armenia, Russia agree on repairing railway destroyed in floods Yerevan and Moscow have agreed to repair a flood-stricken railway in northern Armenia. |