Economist predicts extra million unemployed due to Brexit

(AGI) Rome, June 24 - Europe will soon have an extra million unemployed "thanks to [British Prime Minister] David Cameron and his incompetence," said Italian economist Giacomo Vaciago. "June 23, 2016 will go down in history," he said after Britain voted to leave the European Union. "We have struck a huge blow to the old United Kingdom," and a phase of "huge uncertainty" begins, he continued. "Exit procedures begin, pursuant to Article 50 of the Lisbon Treaty, and these will take at least two years of negotiations. [European Commission president] Jean-Claude Juncker has already said that he is not dealing on behalf of the 27 EU member states with London and that London will have to discuss matters separately with each government, so two years will not be enough, at least ten will be needed." In the meantime, "thank goodness for the 'fire brigade', that is to say the central banks issuing a wave of liquidity to avoid the worst. But central bankers, from Draghi to Yellen, do not resolve problems that politics is unable to resolve, they simply avoid further damage. How many years can they continue in this role?" Brexit will have an inevitable impact on other European countries, starting from Italy. He went on, "the third recession is on its way. Unfortunately a European slowdown was already underway, and yesterday's tragedy exacerbates it. The Italian economy was already suffering and has now suffered another blow: many will start to revise their growth forecasts down." (AGI). .