Cameron Heads to Last Supper in Brussels Amid Impasse in London
Source: Bloomberg
June 28, 2016
1:56 AM EDT
U.K. Prime Minister David Cameron is set to face his fellow European Union leaders for the first time since triggering a political earthquake thats shaken the blocs foundations. Back in London, the race to succeed him is heating up.
<snip>
Cameron will endure an awkward dinner with his EU cohorts Tuesday after his effort to calm the U.K.s divided public and soothe investors failed to stop the pound and the countrys biggest banks from getting clobbered. The premier has already announced he will quit after last weeks vote, leaving him little leverage at the table. His government has signaled it prefers a gradual exit from the EU while the regions three largest economies are keen to set a timetable to contain the economic damage.
<snip>
In Brussels, Cameron will be pressed to give some indication on how he expects the U.K. to trigger Article 50 of the Lisbon Treaty -- the mechanism for leaving the EU -- and what he thinks Britains relationship with the bloc will look like after the divorce, according to diplomats in Brussels. But the outgoing prime minister has said those details would be up to his successor to hash out.
<snip>
On the second day of the summit, Camerons chair will be empty, a striking symbol for the U.K.s loss of power virtually overnight. Its appointee to the European Commission, Jonathan Hill, resigned on Saturday and the country is about to be stripped of a six-month stint managing EU business due next year. At least one British member of the European Parliament has relinquished sponsorship of a key piece of legislation.
Read more: http://www.bloomberg.com/news/articles/2016-06-27/cameron-heads-for-last-supper-with-eu-leaders-amid-brexit-unrest