Investing.com - Italian Prime Minister Matteo Renzi warned on Monday that the possibility of Britain leaving the European Union, known as a “Brexit”, would have worse consequences for the U.K. than its European counterparts.
Renzi insisted that deal reached last Friday between the EU and U.K. Prime Minster David Cameron was a “good compromise for all”.
The Italian PM said that the referendum planned for June that will decide if the U.K. maintains its membership “will not be a walk in the park”.
However, Renzi warned that Britain has the most to lose if it decides to leave the EU.
“If Great Britain leaves, the main problem will be for the U.K., its businesses, entrepreneurs and its citizens,” he said.
Renzi’s comments come after London Mayor Boris Johnson announced on Sunday that he was supporting the "leave" campaign, dealing a blow to Prime Minister David Cameron's "stronger together" campaign.
Sterling fell the most since May 2010 on Monday in reaction to Johnson’s comments.