EU Summit: Brexit, Cyprus and the obstacles – BBH

By FXStreet The EU leaders summit on refugees begins tomorrow. and suggested conclusive agreement will likely be elusive.

Key Quotes:

“There are three main obstacles.

First, the effort to reinforce the external borders to allow free internal movement requires Turkey’s cooperation, but it won’t be represented.

Second, that is important because Cyprus is demanding more concessions by Turkey.

Third, others such as Spain, are concerned that the strategy contravenes EU and international law by abridging the right to asylum.

The way the EU is dealing with the refugee crisis may be giving the EU-skeptics in the UK additional fodder for what seems to be largely an emotional appeal. However, looking deeper into what is happening could be part of the case against Brexit.

Qualified majority decision-making diminishes the veto power any one country, including the UK, enjoyed.

Leaving the EU, the UK would be abandoning its remaining veto, which as Cyprus and The Netherlands examples illustrate, may still be important.

Little Cyprus can single handily block the Germany’s Merkel’s willingness to make concessions to Turkey to ensure stopping the flood of refugees into Greece.

Merkel, and apparently much of the EU’s leadership are willing to cut a deal.

That is where Cyprus …read more

Source:: FX Street