Albert Edwards: Greece deal means investors should prepare for Brexit


The fallout from the latest deal to keep Greece in the eurozone means it is now "far more likely" the UK will vote to leave the EU in the 2017 referendum, according to Société Générale strategist Albert Edwards.

In his latest note to clients, SocGen’s global strategist said the increased chance of a Brexit is “the biggest unforeseen impact” of last weekend’s €86bn bailout deal, and warned investors to start preparing for this outcome. Prime minister David Cameron has committed to holding an in/out referendum on the UK’s presence in the European Union by 2017, but Edwards believes support for remaining in the EU is diminishing among left-wingers. The terms of Greece’s bailout, and the perception among many on the left that Germany has dictated too harsh a deal for Athens, has sapped confidence...

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