Germany ‘would cry’ if Britain leaves Europe

“If the UK would not be engaged in the European Union, I think UK would take the risk that continental Europe would be less stable, more volatile,” Wolfgang Schäuble said.

When asked what Germany would do if Britain voted to leave the EU in a referendum on June 23, Schäuble added: “We would cry… and I hope that we will not.”

The assertion from the legendarily stern Finance Minister didn't convince Financial Times journalist Katie Martin.

Schäuble was speaking alongside his British counterpart George Osborne at the British Chambers of Commerce (BCC) annual conference in London.

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“If we were to leave the EU, over 50 of our trade deals with other countries in the world would automatically fall because they are trade deals with the EU,” he said.

Osborne also warned against the argument that if Britain were to leave the EU, it would be able to retain a special status on trade.

He said there was a risk it could have “the worst of both worlds” by having to pay into the EU budget without having a say in setting the rules.

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