Tue, 23 Feb, 2016 01:37:23 AM FTimes- STT Report, Feb 23  File Photo Lehtikuva. The financial group Nordea estimates that the economic impact of a possible exit of Britain from the European Union would probably be less catastrophic than thought.
However, the effects would be negative and would be a significant blow for the whole economic union.
Nordea pointed out that individual EU member states are no less dependent on the trade with Britain than the Britain has with the EU countries.
The GDP share of UK in the EU is about a sixth. Almost half of the UK exports go to other EU countries.
According to Nordea, all trade agreements would have to be negotiated which may take years.
Major international banks may also consider shifting their base from Britain to countries which are in the union.
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