8/15, 10:21 AM (Source: TeleTrader)
more TeleTrader news

Donohoe: No-deal Brexit becoming more likely

Ireland's Finance Minister Paschal Donohoe (pictured) warned on Thursday that the possibility of the United Kingdom leaving the European Union without an agreement is "clearly growing." However, he also claimed the economy is capable of dealing with the risk of a no-deal Brexit.

UK Prime Minister Boris Johnson has stated that Britain wants to leave the bloc with a deal but insisted the EU will need to begin compromising if it wants to avoid a disorderly Brexit. According to media reports, Johnson is confident the EU will offer a "better" withdrawal agreement to the UK as a no-deal scenario would mostly hurt Ireland.

On the other hand, Irish Prime Minister Leo Varadkar warned London that the EU is not willing to renegotiate the Irish backstop clause negotiated by Johnson's predecessor Theresa May. Donohoe reiterated Varadkar's stance, noting that if there was a possible alternative to the backstop, it would have been found by now.

Breaking the News / NP