Greece warns Brussels of No Deal Brexit blackhole in EU budget

Greece has warned the EU if they refuse to give the UK a Brexit deal it will create “increased financial and political instability” due to the huge blackhole Britain will leave in EU finances.

Brexit Secretary Dominic Raab has said that leaving with No Deal would mean the EU would no receive the £40bn Brexit bill.

A document produced by the Greek Government suggests there will be a £10bn-a-year deficit if the UK leaves on WTO rules.

This is a stark warning to Brussels who have so far attempted to punish the UK in the negotiations which could mean Britain leaving without a deal.

Poorer countries who rely on EU handouts are worried that they will lose out after Brexit.

Pieter Cleppe, from Open Europe, said: “The EU is actually facing two holes in their budget: the hole created by no future UK payments, and also the hole of promises made to increase spending in policy areas such as expanding EU border agency Frontex.