if britain left the eu, chesta and his parents would no longer have been eu citizens. chesta doesn't understand why so many people in britain support the brexit. chesta: i think they said it's because europe is undermining their power or something. i don't think there's any reason for england to leave europe. >> martin gordon moved to berlin from london 18 years ago to work here as a music producer. martin: i didn't consider that i would end up being german as a result of having lived n berlin. and as you know, the english have a rather curious relationship with the germans. but i am. >> gordon received his certificate of citizenship a few days ago, after filling out numerous forms and taking a citizenship test. he also had to take a solemn oath. >> i had to swear not to overthrow the german constitution by force. >> gordon is familiar with german red tape. he even wrote a song about it a few years back, "only one dream per person." the song describ how germans would organize paradise if they were to run it -- very efficiently, of course. positive to say about his home

in the eu. host: as far as the united states financially, what should be expected long-term as far as this decision? we saw the initial reaction of the stock market. is this a continuing thing? beside the initial reaction, the uncertainty of what is going to happen with the eu/u.k. relationship. how will that unfold? that weighs on investor's sentiment and consumer sentiment. it will weigh on the dollar as well. all of that will continue to wait on the u.s. economy and the global economy for a long time to come. i don't expect the type of most we saw last week will continue to happen over and over again. we may see some more moves in the next several weeks. of move, i don't think we are in the same crisis. i don't expect that at all. host: visited him -- there are stories in a paper saying the eu setetting on this quick, or a more exaggerated timeline of the united kingdom or britain wants to, does that play into how it affects us? guest: absolutely. any uncertainty will cause business leaders t

debt growing to eu averages of around 90%. beneath the surface, the uk's fine so long as it was connected to the rest of the eu. once it disconnects, people start to look at it in isolation. how strong is the pound? how big can the city be if it doesn't have the hinter land of an eu market with it. those doubts are going to start creeping in. the uk has relied hugely as well on foreign investment. the largest destination for foreign investment in the eu for ten years, including the chinese, who would hoping it would be its gateway to europe. that foreign investment, at least future foreign vest, is likely to be held back while people work out the deal is. >> that's impossible to quantify. >> this is the problem is we will not be able to quantify the loss. those who want to push and pushed for brexit, who are going to get this outcome, can point also to ideas of what might be there. but those who were leaving were pointing to lost gain can't be seen. and this is -- you know, it will take probably two to three to four years to s

party promoting eu departure. he believes the european union has run its course, that it is time for the u.k. to step outside. saynst him are those who leaving the eu could be a folly that would cost them and their children dear. in poland, a giant eu flag was hung on the side of the museum of culture in warsaw, another two at this austrian museum sameenna, projecting the message as this a flag draped over the statue of michelangelo's david, pleading "please don't go." the world has had its say, too. president obama of the united states, russia's president putin, the president of the european commission all have spoken, but it is hard to judge how the views of foreign leaders will play with the stubborn and independently-minded british. >> i think it will be a disaster for this country to go out of >> >>. europe is part of our life. >> we have mep's, but i don't get to see what they actually do. >> i am not quite sure. i don't think david cameron has given a strong enough argument for why we should stay in, but it

eu, we've had more problems. my view is if continue to base unthinking support for the european union and i think most american support for the eu is unthinking and pardon me, ignorant. it will continue to see more economic strains, which are inherent in the euro. it will continue to see rising liberalism and it will continue to see a weaker european u.s. trance atlantic link in the bargain because it will -- all of these developments will under mine nato. i don't think any of these things are in the interests of the nations of europe. i don't think they're in the interest of the united states either. i think the true interest of the united states are to return to the ideas, the american ideas that helped save western europe after 1945 and then saved eastern europe after 1989 which are the ideas of economic freedom, multi lateral cooperation for security and pros parity and support for a democratic national government, that was the basis of the american strategy in europe after 1945 and it worked. and you know wh

the eu wants to start negotiations immediately. we've heard from the leave camp they want to take their time. >> what doris johnson says, they will be no less united, i don't know what he means. the united kingdom is anything but united. scotland possibly breaking apart. northern ireland where the peace process is intertwined with eu laws. a huge problem may room -- loom at this problem. london does not want to remain. and the rest of england and scotland who want to go. saying it is not united in the question is what's going to happen next. he has said he wants to take his time before he triggers article 15 which would start the process. there may be a pressure by other european union's to act quite swiftly. there is so much that he will have to sort out. who is going to be the successor. there is so much ahead and it's a big unknown. this is only day one. >> we solve this vote coming down including region, age and wealth. you are in london today. what have people been saying? >> people are saying the thing has happened of course.

so negotiations would be needed between the uk and the eu. the uk, and other members, and the countries with whom the eu has free trade areas. there are scenarios that it had to happen there are many scenarios out there and most resulting in less favorable areas for trade and negative impact on the economy. >> the leave camp is saying they don't need agreements to trade. and they're indicating that the uk would be more flexible to make a trade with, for example, the likes of germany. do you see some agreement for this line? >> i wish the trade world were that simple. the uk is a wto -- remember, it's bound by the rules of the wto. therefore it's bound with whom it can trade. no member, no wto member can decide unilaterally what the commitments are. what are the tariffs that will apply between them and the other members. so there has to be negotiation. there is no way of escaping that, it's as simple as that. >> i look here at the amount of countries that the uk has trade policies with. you've got -- if we were to see a brexit, britain would h

we would be no longer part of the eu, but to trade with the eu, to have economic contact with the eu, they would be forced to implement european laws, and the only difference is they would not be able to take political part in deciding on these laws. alan: it is a german fallacy, that since the days of karl marx, who was a very german person, that economics determines everything. ulrike: it does. alan: europe was a tightly knit economic unit before the first world war, and they threw it all away, they destroyed this, and we have not recovered since. europe, europe is totally capable of self-destructing once the demons of european nationalism are unleashed, and this is what is going to happen if the, if the brexit people win. that's what i'm worried about. if germans sit back completely and say, they will have to take their method in, like the german medicine, likedrig --their the german finance minister said, you don't understand how everywhere in europe except for germany itself, people's blood begins to boil at that. this is what is destroying europe. derek: i would be with ulrike a

was part of the eu. not only scotland, but imagine theyern ireland -- could join the irish republic itself? the u.k. itself could dissolve. many people i talk with in that i ask what do you think about the u.k. leaving and they say it's not the u.k. were worried about, but maybe the whole of the eu. it's almost like a built-in option. in case the eu does dissolve, you want to be in the asset that will have appreciated currency. i can't count on the germans or italy or spain or portugal. draghi said earlier this week there is more stimulus in the pipeline. many people read that as he will give new initiatives. just today, they launched the .econd round of lpro's something close to 400 billion euros replenishing all loans. impact --re the full next week, we will learn that the eurozone could probably manage out of the deflation. marc chandler, head of currency strategy. thank you for joining us. joins us toaalder discuss the applications of brexit. the dow is down over 4%. ♪ jon: an historic day for the

britain's exit from the eu. but here's what we do know at this point. >> prime minister david cameron says his successor will need to trigger what is known as article 50. >> that gives the 27 other eu countries two years to come up with an exit deal. the u ck will not take part in those talks. >> if there is no agreement after two years, countries can vote to go into overtime. and if no unanimous decision, no deal at all. >> how difficult things are. and therein lies the issue. there is no clarity. right now the uk's biggest challenge may be finding a way to come back together. but that may not be so easy with nearly half of the voters on thursday casting ballots to remain in the eu. >> now a look at the journey that led to the brexit and how the uk might heal its internal divide. >> reporter: so after 43 long years, the restlessness has found a voice. a seismic decision, but a vote that could hardly have been more divisive. the "remain" campaign took scott land, northern eye ire land and london. but the rest of

they are looking for a way to stay inside the eu. the biggest related class action settlement in u.s. history. olson -- full citable pay $15 billion settling lawsuits related to the carmaker cheating on admissions tests. it's good to have you with us. we start from breaking news on turkey. the turk's justice minister saying 10 people have been killed at the sunnis -- cities airport. explosions were followed by gunfire. istanbul has suffered a number of bombings and popular tourist areas. those attacks were linked to the kurdish separatist and islamic state. i want to bring in our correspondent. good evening to you. what more can you tell us? >> is difficult to find facts at the moment. there were two suicide bomber's that were trying to enter the international arrivals terminal. they detonated their explosives causing absolute carnage. at least 10 people have been killed. the number could be far higher. at least 40 people had been injured as well as well. it has caused a great deal of damage and absolute devastation. it is one of the

here in the eu parliament. the lower ranks are likely to keep their jobs, but will eventually hit a glass ceiling. experts say the uk would loose all its influence in brussels. out means out. janis: my overall estimation is that it will be a rough ride that other member states will not give the uk an easy way out, because the fear of a domino effect. what signal it would send if one leaves and then gets to cherry pick whatever -- that others might follow suit. >> for uk citizens in brussels, this uncertainty is already very real. francesca jenner, works as a consultant to the eu institutions and can be candid how it feels like to have a british passport in brussels at the moment. francesca: it's a very strange time to be in brussels. i think everyone is hoping for a positive outcome. everybody is really hoping that the british public votes for remain, but there is a very unsettling edge knowing that leave could happen. >> she worries about future red tape on the european job market if she looses the privileges

for the eu to remain in. especially germ mans. why is angela merkel and so strongly for the uk remaining in eu. we are, a force for good. we are a force for free trade. we are a force for free economy. , if we're include we have very strong voice. we have a strong voice. if we leave, we are outside. we don't have that voice, still be affected by a lot of rules and regulations of the eu if we want to trade with them. ask the swiss, ask norwegians, exactly that position. so given reality of our economy, materiality of our political clout, we should stay in because we can be we have been and will be a force for good. >> let me answer that question about, you asked the question, why do some of the europeans want the uk to stay in. the answer to that is very clear. if i were european i absolutely want britain in. deirdre: uk economy is a star. >> because it is strong. not only that, deirdre, the uk is a big subsidizer of europe through the eu. the uk would save money and taxpayers would save money if they got out.

the eu and the u.k. had decided to remain, the all too general treatment given in february by the other 27 to the u.k. would have created the temptation and -- in many other member states of the eu to say, ok, we too want to negotiate the ability to -- the conditions, in order to belong to the eu. exit is the worst possible scenario, i believe honestly, much worse for the u.k. than the european union. i believe the u.k. would be bitterly disappointed in seeing how long and how adventurous would be the street, the road to wards new agreements with partners of the eu, and how weak its domestic economic policies will be. at any rate, i see one, just one, but big positive to this , drama. >> what is that? mario monti: well, for the first time, it is very, very clear to everybody that you cannot play games with europe. without running serious risks. >> dr. monti, within that, you were at yale university studying under james tobin. is this the moment where we change the dialogue on italy's austerity, spain's a

and eu go through the divorce proceedings and enable scotland to not actually leave the eu? that could be one of the angles on this. meanwhile talking with those , disappointed by the results yesterday, as 62% of scots wanted to stay in the eu, we also have a petition calling for another referendum. it seems unlikely this particular petition will be successful, but it underlines the divisions in the country. jon, fran? francine: given the uncertainty, will there be a coup in labour and a possible general election? anna: that is being discussed. we heard from jeremy corbyn, saying if there is another leadership challenge, he would stand again. there has been a no-confidence table motioned by some in his own party. we will see if it gets the 51 signatures needed to get another leadership vote in the labour party. that is certainly fast-moving one story. another is how much pressure the government will come under from brussels to get these conversations happening quickly. we heard a lot about that from the brussels side, which a lot of that hinges on article 50. few voices from

>> the eu is going away. there is absolutely no way. >> you don't think that angela merkel is going to try to hold this one again. >> of course she is. germany runs. britain was the court balance to that britain, france, germany, netherlands, not that many huge economies in europe now germany is preeminent. so if i'm spain or portugal or france for that matter and looking at germany and saying really i want to be part of an organization that you dominate completely? no. the support for leaving in these other countries neither lands and france also is really high. trumpism, which another word for nationalism is a global trend. >> tell me how it evenings us here. >> well, probably it will cause our economy to contract to some degree. again, the finance sector. the -- one of the main points of globalization is that it allows capital to flow freely with less friction across borders. that is really good for finance. there is some trickle down effect. >> what do you mean by finance. >> i mean banking, basically. >>

thans more outside the eu it does in the eu. it has a special relationship with the united states and with the community. so, parliaments and courts are not the supreme law of the land. they cannot sign their own free trade deals and they cannot control their own borders. we would never allow this in the usa so why would we want to support something like this for the closest ally? today,ing these issues we have a distinguished panel. our first speaker is dr. , currentlyates serving as the national security advisor for senator ted cruz. cultural historian who received her phd from the university of pennsylvania, specializing in italian studies.ce in 2007, she became the director of research for donald rumsfeld and provided editorial support and content analysis for the new york times bestseller "known and unknown." she is a senior fellow at the commonwealth foundation. is a consulting curator at the cleveland museum of art. "the historyok is of democracy and 10 works of art." victoria? victoria coates: thank you. thank you to all

staying in the eu. we have been talking to students to hear what they have to say about brexit. >> jane barker's 11th graders have clear opinions about the brexit. >> those in favor of the u.k. leaving the union, please put your hand up. >> two are for it. >> and those against. >> and all the rest are against. at the berlin brandenburg international school, the fees are high, but so are the standards. the student body is multicultural with pupils from 65 different countries. lessons are mostly taught in english. >> with somebody like to come up with a starting question and open the debate? >> jane barker has put the brexit debate in today's lesson plan. the teenager's arguments are engaging. >> the purpose is to unify the european nations and build a strong system and a strong bond, and breaks it would be a fundamentally good idea if england could negotiate very good trade terms with european countries because then they could do that as well as perhaps join nafta as, and then we could align ourselves wi

citizens of the eu are open to all nations within the eu or outside the eu. i don't think there will be any animosity. there will be questions. lou: since we are hearing from one political leader in holland in the netherlands that they want to have a vote, do you think other countries will follow the uk's lead? >> i believe there are movements within other countries, i read this morning that in france, what she called -- there is movement in that direction. lou: when you woke up this morning and learned the vote was to leave how you personally reacted? >> with shock and sadness. we were up late last night until the polling stations in great britain closed and we watched the commentary on german television and i woke up early this morning at 6:00 to discover it was likely britain would leave. adam: million say this is a momentous and victorious day. >> i am sad because i believe it is the wrong direction for great britain. i believe economically and culturally britain is better off in the european union. adam: stay right there. on merkel -- angela merkel will

that is rightly something -- elation chip with the eu. -- relationship with the eu. reporter: the opposition is facing open revolt from within. they are calling for a new leader. he incurred -- he encouraged his party to stick with him to give the british people stability. >> our country is divided and the country will thank neither those in front of me or behind for indulging in maneuvering at this time. reporter: earlier, the man in charge of britain's economy tried to spread calm and confide nce. >> it will not be plain sailing in the days ahead. but you should not underestimate our resolve. we were prepared for the unexpected and are equipped for whatever happens. and we are determined that unlike the years ago, britain's financial system will help our country do with any shocks and dampen them, not contribute to those shocks or make them worse. reporter: the lead brexit supporter also tried to quiet troubled waters. >> there is not going to be an emergency budget, tensions are safe, the markets have stable. it is all very good news. reporter: yet the london stoc

the eu and the u.k. had decided to remain, the all too general treatment given in february by the other 27 to the u.k. would have created the temptation and many other member states of the we too want negotiate the ability to belong to you. and now in this the exit scenario, i believe honestly much worse for the u.k. than the , european union. i believe the u.k. would be bitterly disappointed in seeing how long and how adventurous would be the street, the road to new agreements with partners of how week into to miss a policy is will be. its domestic policies will be. i see just one but big positive to this drama. >> what is that? mario monti: well, for the first time, it is very, very clear to everybody that you cannot play games with europe. without running serious risks. you are at yale university studying under james tobin. is this a moment where retains the dialogue on italy's austerity, spain's austerity, the added kingdoms austerity -- united kingdom's austerity? do we change our dialogue and decis

the leave campaign in britain's eu recommended -- eu referendum has been growing in polls. it has also been given a boost by the country's biggest selling newspaper. "the sun" today announced its support for the brexit. that creates fears for u.k. citizens who live outside the u.k. we spoke to residents in berlin about what brexit might mean for them. >> arthur taylor vince the image of an ideal european. born in england, he owns a business in germany and his partner is from finland. his british passport is a problem. if the brexit referendum passes, he would no longer be an eu citizen. he would need to apply to both work and residency permits, even knowing of their business with over 30 staff. >> it is frightening to know that my fate and the fate of the people that work here depends on people who aren't in -- aren't even aware of what we're doing, necessarily. >> that is why arthur is trying to figure out how to get a german passport. he only has is, it is important for his son, chester. at least the -- at least one of chester's parents needs a passport, and his mother is

the uk is the first country to vote to quit the eu. it could impact the regional bloc significantly. >>> now that uk voters have decided to leave the eu, here is what will happen next. the uk needs to formally notify leaders of all the union's member states of its intention to leave. there is no time line on when that has to happen. once the notification is triggered there is a two-year window on negotiating the new terms of membership. officials are concerned the first exit of a member nation could trigger a tide against european integration. in places like denmark citizens are campaigning for their own referendum on their country's membership. and in other countries across the eu, including france and germany, criticism has grown over the handling of the migrant crisis. the eu has also been criticized for bailing out greece from its debt crisis. eu president donald tusk held a news conference after the result of the referendum became clear. >> there is no hiding the fact that we wanted a different outcome of yesterday's referendum. i

over britain's exit from the eu. david cameron briefed other leaders on how the british people voted against britain's eu membership last week. he also explained his thoughts on exit negotiations with other eu members. cameron told reporters after the session that the leaders had constructive talks and that britain wants to build the closest possible reconciliatila the eu even after its exit. >> that decision to trigger article 50 will be for the next british prime minister and the next cabinet, i would suspect after they've made that decision about the outcome they want to pursue. >> it is the british government who initiates this divorce process. i mean, of course the notification. there's no need to speculate about this. if they need more time, we have to wait. i think it's not the best solution for the uk and for us as well. but in fact this is the only legal way we have today. >> leaders of the 27 other eu member nations excluding britain will discuss how to handle negotiations with the country on wednesday. >>>

. >> a dismembered eu changes its tone. how can the eu keep its credibility. sufferasset classes whiplash. ♪ francine: welcome to our bloomberg it special. i am francine lacqua with jonathan ferro. jonathon: the city of london is probably happy it is the weekend, because the market is closed. francine: they are watching us. they are raising analyst reports, trying to figure out how monday will pan out. jonathon: shall we get you up this bead on how the carnage laid out. beginning in equities. the ftse closing down the three percentage points on this day. the big carnage was in mainland europe you the dax down 6.8%. the biggest one-day drop since 2008 and the biggest one-day drop on record for the european banks. at a 99ar-yen yesterday handle at one point. a big stand out the bond market and i will whip you through. down 14 basis points on bonds. francine: the problem is that there are so many angles. we have to look at the european union. how or if they are negotiating. we heard they want to kick out the u.k. and the political turmoil. jonathon: listen to e

is going to leave the eu. as we have been saying, you see here that 10 downing where prime minister david cameron has likely been pulling an all nighter. this is something he campaigned for a long time to stay many the eu. this has been a huge platform of his, even people saying, putting fear in people's minds if they were to leave the eu. he is now waking up this morning, i'm sure he has not slept but waking up to news they will in fact be leaving the eu and the question remains where he goes from here. we are expected to hear from him within the next little while. probably within the next two hours. it will be interesting to see what he has to say and what the future holds for david cameron. >> the future for prime minister cameron and the future for the united kingdom, big questions here. there's a lot of questions, this is important to bring up. there is a vote to leave the european union. the united kingdom is a member of the european union as it wakes up today. many liken it to one of the more messy divo

they want access to the single market they want reassurances that eu's that should the eu nationalists have the right to stay. francine: d.c. this shifting, the power? do you think people will move outside london in european countries? didier: it is all about the european passport. if indeed they have the passport -- the passport is canceled, that means if you were in at -- if you worry u.s. bank, you have a big risk. it is possible that some of those international financial services companies might start to establish businesses in paris, frankfurt, just in case in two or three years from now, they are doing it from lending will not be effective. francine: our companies concerned about attracting talents? about these are issues for the workers? stephanie go it ranges from a tracking skilled workers to more skilled and construction industries are more concerned. voicing their worries that infrastructure projects might be put on hold as a result of the crisis. that there is not a clear leadership at the moment. francine: stephanie baker and didier saint-georges. coming up we have plenty

markets feeling the effects of british decision to leave the eu. knopf has a clear picture what this will involved. uncertainty remains high. analysts are expecting more volatile trading ahead. i'm fphoebe am rosa. >>> shanghai composite gaining 1.5%, 28 95, china says it will be limited as capital market not fully opened. sydney's s&p 500200 seeing gains up 0.5. hong kong's down 1.6, singapore declining by 0.2%. here is a look at some of the other business stories we're followining. japan, south korea a and chihin resumed talks in seoeoul on fre trade. they said brexit m made the glol economy less stable. negotiators agreed on importance of speeding up their decisions with the rising sense of instability. tens round of negotiations on a three-way deal. china's premier calling for global manage uncertainty. spoke at international forum, said all countries should face challenges to promote recovery and growth in n the world econo. lee said china committed to developing relations with eu and britain. >>> let's take a look at our business calendar for

leaving the eu. this is the ect, our function on the terminal and it is a great 'ay of looking at countries major trading partners. we can see that chuckle -- exportand the biggest market, germany. he can see why the sticks are so high. very isive is france also big but $24.3 billion. if we look at germany as the main country we're talking about, the united kingdom is their third biggest export market at 95 -- 92.5 billion. money at stakeof on both sides about keeping these trading relationships open and regardless of the vote and perhaps the anger that others in europe might feel at the u.k. right now there is not a lot of excitement at the prospect of seeing these trade ties deteriorate. that will be a driving force, an important factor as these negotiations take lace. >> i had full chart of how much money was lost. this is charting the uk's richest people. the 15 wealthiest citizens. they had $5.5 billion erased from their fortunes today. in fact the richest person had the biggest loss, $1 billion

staying with the eu. we saw it from british prime minister david cameron comparing it to jumping out of a plane. once you jump out, you can't get back in the plane. what is your reaction to the news that is just coming in now that they are going to leave the eu and how it has played out and how politicians have used fear as such a tactic here? >> well, it is a remarkable result. when i came in and started to watch about 12 hours or so ago, i didn't see or know anyone who thought it was possible that brexit was going to win. it is a shock to the pollsteren and london and enormous shock. but you know what it is a wonderful day in london. the sun is shining. the markets will have a tough day today but sooner or later the uncertainty will turn in to certainty because certainty is what the people delivered on their vote. >> you can see the shot there of 10 downing who we are expected to hear from david cameron in the next hour or so. he campaigned hard to stay in the eu. what do you expect to hear from him? >>

"see eu later." susan, talk about what the actual unraveling would take, what kind of negotiations would be involved, when british voters would be able to see a final deal package of what the exit deal actually looks like. and then might there have to be another referendum that says okay, this is the real deal, it costs this much to leave? >> so there's an article in the european treaty called article 50. so what this vote now is supposed to do is david cameron is supposed to trigger article 50, which starts the process of the negotiations. they have two years to unravel all these laws. there are estimates anywhere from 55% to 70% of uk laws are based on european union laws. and they'll start to unravel and figure out how their trade would work. right now the eu exports 44% of their exports go to other eu countries. they're a big exporter. that means no tariffs, no trade barriers. that's all going to change. and the -- >> can i hold you right there? why would that change? why couldn't they just conti

eu on the one hand and feeling that the eu is not french enough to a certain extent on the other. it's true that there is call for a referendum and you just had marie le pen on. this is one thing. you can see this growing. i don't think we can expect a frexit any time soon. >> but it does strengthen her cause, doesn't it? she's consistently growing in time and do you think that brexit will ultimately have an influence on that movement in france and pushing it toward coming out of the eu? >> france is quite particular because the euro critical movements come from the far right and far left. on both sides you have very critical voices against the eu at the moment but when it comes to the national front in particular, it's true that our independence calls to have a referendum and maybe to leave the e ux has been boosted by brexit and this cause is becoming ever-more popular in france but at the same time i don't think that if the french were put in front of the choice of leaving or remaining in the eu, you would have the majority of people saying we want to leave the eu. >> there's a

trades more outside the eu than it does in the eu. it has a special relationship with the united states and with the community. even so, parliaments and courts are not the supreme law of the land. they cannot signheir own free trade deals and they cannot control their own borders. we would never allow this in the usa so why would we want to support something like this for the closest ally? discussing these issues today, we have a distinguished panel. our first speaker is dr. victoria coates, currently serving as the national security advisor for senator ted cruz. she is a cultural historian who received her phd from the university of pennsylvania, specializing in italian renaissance studies. in 2007, she became the director of research for donald rumsfeld and provided editorial support and content analysis for the new york times bestseller "known and unknown." she is a senior fellow at the commonwealth foundation. she is a consulting curator at the cleveland museum of art. her latest book is "the history of democracy and 10 works of a

that just wrapped up saying that the eu must -- britain must respect the eu and not leave them waiting endlessly for this result. anchor: the british prime minister said he wasn't triggering article 50 yet. he will be leaving that to his successor, the new conservative leader that will be named september 2. david cameron was trying to answer questions on trade, immigration, the future of the united kingdom, all against the backdrop of a plunging pound and dramatic falls on the stock market. reporter: the first statement in the house of commons since the u.k. stunned the world. >> the british people have voted. it was not the result i wanted nor the outcome i believe is best for the country i love but i am clear and the cabinet agreed this morning that the decision must be accepted in the process of them decision in the best possible way must not again. reporter: the leader of the opposition labor party fighting for his own clinical life. -- political life. exit is quite shameful that politicians make claims they knew to be false and promises they knew they could not deliver. reporter:

in the highland we need eu citizens. they are essential for our economy and they are friends and neighbors. they said today, i'm sorry i'm not too prepared have these beaches. i'm sorry it's a speech. what i want is a one sentence question. all the gentlemen have to do is what is asked to do. now please, one sentence. >> he said in his statement that there was a question, us there would be no immediate changes in their circumstances. shouldn't the people of scotland have a chance to decide. >> this is the decision that's going to have to be made by the new government as it negotiates our position but i was very much hope that the rights and allowances given two-year pin union citizens now working and studying contributing will continue. >> i wonder if the prime minister regrets not giving 16-year-olds and 17-year-olds a chance to have a say in the future. >> i've always believe 18 is the right age to have that vote and i've always followed accordingly >> thank you mr. speaker. this is a government of the sovereign elect

what does it mean and what else the eu? emotions driving the vote and emotions in the markets today. will those emotions subside over the weekend or should we break for a down side. >> this is have much a situation where the uk is probably from an economic stands point the biggest loser in this situation. i think this benefits the united states. charles: david in. >> i think the big loser is europe. they just left a very struggling team. they are a free agent, they can trade with anyone they want. this is a great message that overregulating is not wanted. they don't want autocratic demands coming out of berlin. charles: what about the markets monday? >> you will have to be selective. at a minimum the united states looks far more attractive than other areas of the world. you will see more money coming to these shores and that could be a positive. we had 52-week highs on the u.s. markets. overall our markets got nicked pretty good. >> i hope matt is correct. evenw days. but to what you were just talking about, there were a lo

leaving the eu. i would attend the european chancel next week to explain the decision the british people having taken and my own decision. the british people have made a choice. that not only needs to be respected by those on the losing side of the argument myself included should help to make it work. >> stunning news. some people calling it statesmanlike. clearly, a surprise the european parliament has just called an imagine session for tomorrow here to try and begin figuring out what they can do about putting the pieces together. world financial markets reacted to what was really surprisin news. everybody thought this was going to go the other way. asian markets sliding. trading in the u.k. has resumed by already down 17%. they suggested the three major indices will open in the red, including the dow jones, which is down about 590 points. >> it is really stunning. the last time we saw these kind of huge shocks to the financial market was in 2008. we haven't seen these kind of numbers in so long. we

polls close own in the united kingdom's eu referendum. the outcome is likely to be tight in a poke that could change european history. prime minister david cameron and his wife cast their votes early. his political future is on the line. he may not survive if britain walks out. time for a check of business news. investors certainly think they know what the result of this referendum might be. daniel winter is in our business desk with more in a story. daniel: they are betting on remain. it was less -- there is less than a hour to go before polling stations closed and what happens next is in the hands of the public. i support to remain has fluctuated, so has the result of britain's pound. you can seat right at the end hear an update as the sentiment -- uptick as the sentiment towards in has strengthened the ground. bookies are confident of fo in vote. investors seem to be putting their faith and remain as well. reporter: it settled back slightly to close almost 1.25% higher. that is a weekly gain of almost 5% of the biggest since december,

your honor is the beginning of the end of the eu. without eu resistance. without europe resisting, there will be little to stop him on his march to expand russia. >> that's it for the panel. but stay tuned to see how cleveland celebrated its victory in the nba championship. it's beyond words. ♪ before it became a medicine, it was an idea. an inspiration. a wild "what-if." so scientists went to work. they examined 87 different protein structures. had 12 years of setbacks and breakthroughs, 4,423 sleepless nights, and countless trips back to the drawing board. at first they were told no, well... maybe, and finally: yes. then it was 36 clinical trials, 8,500 patient volunteers, and the hope of millions. and so after it became a medicine, someone who couldn't be cured, could be. me. ♪ >>> finally tonight. we can't let this week pass without noting the cleveland cavalier's victory in the nba finals. folks were so excited about the win, well, some of them were speechless. ♪ >> everyone loves a parade. and that's never been more true than it is in cleveland

if britain decides to pull out of the eu, would the eu fall apart? >> well, i don't know that the eu would fall apart but it would create difficulties. it would certainly set a precedent and the concern would be that other member-states where many of the citizens have the same concerns that the "brexit" supporters have might push for, might push for the same thing. david: right. >> so it could be a problem. about those concerns, specifically what it is that the eu has become too powerful, essentially as trading concept and movement of people concept, has moved into britain and other members of the eu having to accept all regulations, many of which they consider to be onerous. is there some message to the eu, even if britain decides to stay in, some message eu bureaucrats have to pull back a little? >> absolutely. i think that is the case. this is a shot across the bow. and, the eu has to recognize there are grievances that many citizens have, and i think that the eu does have to basically look at itself. it has to become more transparent, to, has to

. >> article 50 of the lisbon treaty stipulates rules for eu exit. cameron has been in office since 2010. he said he wants the new prime minister in place by the time of his party's conference in october. he reassured britons and europeans that despite the referendum result there will be no immediate changes to their lives. election officials say 51.9% of voters in the uk chose to leave the european union and 48.1% voted to remain. prime minister cameron had campaigned to stay and said a decision to leave would damage the country's economy. people against staying in the eu say it imposes too many regulations and they say the free movement of people within the bloc has brought too many migrants to britain. they accuse them of taking jobs and raising social welfare costs. former london mayor boris johnson led the brexit campaign. >> they have decided that it is time to vote to take back control. from a european union that has become too remote, too opaque, and not accountable enough to the people it is meant to serve. >> the uk is the first country to