IMF: No-deal Brexit threatens global financial stability.

International Monetary Fund (IMF)
Managing Director Christine Lagarde. Photo: Reuters

The International Monetary Fund (IMF) warned that Brexit is one of the biggest risks for global financial stability.

As part of its new Global Financial Stability Report, the IMF said on Wednesday that financial institutions to “step up their preparations for a post-Brexit landscape” and prepare for the worst case scenario — a no-deal Brexit, also known as a hard Brexit. 

This type of disorderly Brexit is where the UK crashes out of the European Union without any agreements in place. That would throw into question the rules surrounding cross-border trade, immigration, and financial services. The IMF said that financial institutions need to look at measures for a no-deal Brexit “in as much detail as possible.”

By Lianna Brinded.

Full story at Yahoo News.