VAROUFAKIS: A Brexit would be 'a further step towards the disintegration of the EU'

Greece's outspoken former finance minister, Yanis Varoufakis, has cautionary words for Britain over its possible exit from the European Union.

Varoufakis, who ran Greece's economy during crucial bailout talks and resigned last year, told Business Insider Deutschland:

If the British think they can simply detach from the continent and sail towards the USA or China, then they are mistaken. There are industry and working standards they cannot simply bow out of.

I don't believe a Brexit will hurt the City of London as one of the largest financial centers in the world. However, this would be a further step towards the disintegration of the EU. For the first time, the Union would not expand but shrink. A dangerous trend.

Pro-Brexit campaigners will be heartened to hear that Varoufakis thinks London's financial prowess will not be affected by leaving the European Union.

But the economist clearly believes Britain would leave with blood on its hands, as a British exit could lead to a collapse of the European Union.

David Cameron promised a referendum on Britain's membership of the European Union as part of last year's general election campaign. Cameron and the Tory party are officially pro-Europe but the Conservative Party leader was forced to concede the referendum, which is expected to be held this summer, as support for anti-Europe party UKIP rose across the UK.

In the latest YouGov poll, commissioned by The Times newspaper, 45% are in favour of leaving the 28 nation bloc while 36% support staying in the EU.

Varoufakis made the comments on the Brexit as part of a larger, exclusive interview with BI Deutschland, our German sister site. You can read the full interview, in English, here.