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Brexit vote shakes Europe, prompts British PM Cameron to resign

The European Union leaders reacted with disappointment to the Brexit news but expressed determination to maintain the bloc’s unity

The United Kingdom’s exit from the EU is expected to take at least two years. Tusk and other EU leaders urged London to give effect to its decision to leave the bloc as soon as possible.

"We now expect the United Kingdom government to give effect to this decision of the British people as soon as possible, however painful that process may be. Any delay would unnecessarily prolong uncertainty," says the statement, signed by Tusk, Juncker, as well as EU Parliament President Martin Schulz and EU Council Presidency holder and Dutch Prime Minister Mark Rutte.

NATO Secretary General Jens Stoltenberg said Brexit has shown the growing role of the alliance in the new realities.

"Today, as we face more instability and uncertainty, NATO is more important than ever as a platform for cooperation among European allies, and between Europe and North America," said Stoltenberg.

World keeps calm

While the UK vote has inflamed passions in Europe, the rest of the world has responded calmly to the news from Great Britain.

Russian President Vladimir Putin said the Brexit vote reflects discontent of the British people with the state of security and their unwillingness to subsidize weaker economies.

"I believe it is clear for ordinary British subjects why it occurred," Putin said. "Nobody wants to feed and subsidize weaker economies, maintain other states and the whole nations."

"People are also probably dissatisfied with resolution of issues in the security sphere, which aggravated dramatically at present against the background of strong migration processes," he said. "People want to be more independent."

The president also said no global catastrophe is expected from Brexit.

"It is the choice of the British people. We did not interfere and we are not going to interfere. Apparently, some formal procedures associated with the British decision to withdraw from the EU will follow. We will watch it carefully and analyze it," Putin said.

US President Barack Obama said his country respects Great Britain’s decision to leave the European Union.

"The people of the United Kingdom have spoken, and we respect their decision," Obama said. "The United Kingdom and the European Union will remain indispensable partners of the United States even as they begin negotiating their ongoing relationship."

US presidential candidate Donald Trump hailed the outcome of the referendum, predicting that more countries will be willing to follow suit.

"People want to take their country back. They want to have independence in a sense. You see it with Europe, all over Europe," said Trump. "You're going to have many other cases where they want to take their borders back."

UN Secretary General Ban Ki-moon said he expects the UK and EU to remain solid partners for the United Nations.

"The Secretary-General expects the European Union to continue to be a solid partner for the United Nations on development and humanitarian issues, as well as peace and security, including migration," Ban said in a statement.

Pope Francis said he felt the UK vote was "the will of the people".

"It demands great responsibility on our part to ensure the well-being of the people in the United Kingdom, and the coexistence of the people on the European continent," the Pope said, addressing reporters onboard of his flight to Armenia.

Economic consequences

Analysts note that the results of the referendum in the UK may have a negative impact on economic stability of the country.

In an interview with FT, Moritz Kraemer, chief ratings officer for Standard and Poor's ratings agency said that political, financial and economic risks stemming from the referendum will lead to revision of the UK credit rating downwards in the near future. "We think that a AAA-rating is untenable under the circumstances," he told the FT.

The UK's decision to leave the European Union will lead to a prolonged period of uncertainty that will weigh on the country's economic and financial performance and will be credit negative for the UK sovereign and other rated entities, according to a statement by Moody's rating agency.

The agency expects that "Brexit" won’t to have major credit implications for most EU-based issuers. However, "the outcome of the nationwide referendum could increase the risk of political fragmentation within the EU if popular support for the bloc fades among member states".

According to Deutsche Bank AG Chief Executive John Cryan, it is impossible to say exactly what the consequences of the UK choice will be but these consequences "will be negative on all sides."

Cryan, who is Briton, said that the results of the referendum show that Europe "has obviously lost its attractiveness for many of his countrymen". "It’s a clear signal to the EU to get closer to its people and to strengthen democracy," he said.

Meanwhile the Bank of England promised to take all the required measures to maintain financial and economic stability after the referendum. "The Bank will continue to consult and co-operate with all relevant domestic and international authorities to ensure that the UK financial system can absorb any stresses and can concentrate on serving the real economy," according to the bank’s statement.