It’s shaping up to be an interesting day:
I would say the panic selling is largely unwarranted; there’s no reason that UK can’t negotiate an orderly exit from the EU and continue to participate in the European Economic Area the way that Norway and Switzerland do now. There was talk before the Brexit vote that the EU wouldn’t go along with this out of spite, but if the endless Greece crisis has shown, Eurocrats negotiate their non-negotiable demands all the time, and I doubt even Angela Merkel is willing to put Europe through a deep recession (which is to say, deeper even than the current one the Euro seems to have engendered in perpetuity) just to “teach the UK a lesson.”
More later…