Macron Gains Spanish and Belgian Support for No Deal Brexit
Macron convinced the Spanish and Belgians in supporting his stance on not allowing a long extension beyond April 12th, just five trading days away, without a meaningful signal by the UK Parliament in asserting what kind of deal they want to leave the EU. While Macron did suggest a short extension beyond the 12th, it is not clear when this would be. What is clear is that UK PM May will not get her June 30th deadline, but this gives traders little insight on how much time they'll have for another run up to another potential exit date beyond the fact that it will be before June 30th.
Another possibility is May 22 which the EU offered May weeks ago, but only if Parliament passed the Brexit deal last week, which it failed to do. The EU said the UK could still seek a longer delay, but one that would likely be many months and require the UK to participate in European parliamentary elections. Again, France would reject this because they too do not want the UK to participate in EU elections as the UKs absence will significantly increase French voting power in the legislative body. So until next week ¯\(°_°)/¯
Another possibility is May 22 which the EU offered May weeks ago, but only if Parliament passed the Brexit deal last week, which it failed to do. The EU said the UK could still seek a longer delay, but one that would likely be many months and require the UK to participate in European parliamentary elections. Again, France would reject this because they too do not want the UK to participate in EU elections as the UKs absence will significantly increase French voting power in the legislative body. So until next week ¯\(°_°)/¯
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