Germany should not be burdened with the extra costs arising from Britain leaving the European Union, Bavarian Finance Minister Markus Soeder was quoted as saying on Thursday. Soeder's Christian Social Union (CSU) governs the southern state of Bavaria and is allied with Chancellor Angela Merkel. Italian calls for EU deficit and banking aid rules to be adjusted to take account of its fiscal and financial troubles following the Brexit rules should be rebuffed, he added. He also warned against shifting the balance in the bloc towards southern European states now that there are fewer North Sea members, adding that the EU's stability-orientated fiscal policy was non-negotiable. He told Die Welt newspaper that the EU should compensate for the missing British payments into its budget by cutting costs instead.

Source: The Star June 30, 2016 07:07 UTC