Much . . .uncertainty stems from the ambiguity about what a British exit, or Brexit, really means. Abandoning Europe could mean anything from a sweeping withdrawal from EU institutions to more limited opt-outs which could leave major pillars of European integration, such as free movement of labor, untouched.

“‘Leave’ could mean a million different things,” Oliver said, giving Britain’s political establishment considerable scope to loiter in Europe’s lobby as euroskeptics argue over where the exits are.

Experts say there might be even more room for maneuver in the months and years following an “out” vote.

In theory, a two-year countdown goes into effect after a European country formally notifies its partners of its intention to quit the union, but complex international negotiations routinely run on for years and the parties involved could let the deadline lapse as talks drag on, perhaps even past Britain’s 2020 parliamentary elections.

What if voters’ minds change between now and then? And even if the negotiations over Britain’s departure were concluded on time, what would happen if the U.K. were presented with unfavorable terms?

One expert said he could envisage a last-chance referendum asking Brits whether they still wanted to leave the EU under those conditions.

“It is at least legally possible and it might create the political space for a government to back out of an exit,” said Gavin Barrett, an expert on European constitutional law at University College Dublin. “I think a case could be made for a second referendum asking, ‘Do you really want this?’”

The let’s-vote-on-this-one-more-time maneuver has helped bail out the European project before, albeit under different circumstances. After Irish voters rejected EU reforms in 2008, politicians in Dublin won modest concessions from their European counterparts and ran the vote again the following year, this time with a positive outcome. Similar EU referendum do-overs turned an Irish “No” into a “Yes” in 2002 and helped secured a Danish “Ja” in 1993.

But the path to a second referendum in Britain is far narrower, in part because — unlike in Ireland — the political establishment is split over Europe. If leading euroskeptic Boris Johnson takes the reins of the ruling Conservative Party following a vote to leave the EU, the prospect of a final vote will fade further still.

Alan Renwick, the deputy director of the Constitution Unit at University College London, said a do-over would only be plausible “if a party wins the 2020 election on a platform of having a second referendum and trying to go back in.”

That seems unlikely given the current political alignment, but he said nothing is completely out of the question when it comes to a potential Brexit.

“You have so many possible long shot scenarios,” he said. “If you add up the probabilities of all of them, you end up with a significant chance of something surprising happening, whatever that might be.”

Franz Kafka never really died. He is one of the undead, lying in his coffin waiting to be revived by the European Commission.

I would say this is a good time to buy out nervous Nellies in various markets.

issuevoter wrote on Jun 24^th, 2016 at 3:45pm:

I would say this is a good time to buy out nervous Nellies in various markets.

Should have jumped in an bought a few BHP puts today.

bogarde73 wrote on Jun 24^th, 2016 at 3:35pm:

Much . . .uncertainty stems from the ambiguity about what a British exit, or Brexit, really means. Abandoning Europe could mean anything from a sweeping withdrawal from EU institutions to more limited opt-outs which could leave major pillars of European integration, such as free movement of labor, untouched. “‘Leave’ could mean a million different things,” Oliver said, giving Britain’s political establishment considerable scope to loiter in Europe’s lobby as euroskeptics argue over where the exits are. Experts say there might be even more room for maneuver in the months and years following an “out” vote.

The losing globalists talk just like Obama does when he loses a major court decision -- essentially, it translates to: "Yeah, well ... ummm ... my side didn't really lose. Because nothing's going to change as a result of this decision. So if you're celebrating today, that's only because you don't realize that you didn't win anything. Nanny-nanny boo-boo!"

The4thEstate wrote on Jun 24^th, 2016 at 4:31pm:

bogarde73 wrote on Jun 24th, 2016 at 3:35pm: Much . . .uncertainty stems from the ambiguity about what a British exit, or Brexit, really means. Abandoning Europe could mean anything from a sweeping withdrawal from EU institutions to more limited opt-outs which could leave major pillars of European integration, such as free movement of labor, untouched. “‘Leave’ could mean a million different things,” Oliver said, giving Britain’s political establishment considerable scope to loiter in Europe’s lobby as euroskeptics argue over where the exits are. Experts say there might be even more room for maneuver in the months and years following an “out” vote. The losing globalists talk just like Obama does when he loses a major court decision -- essentially, it translates to: "Yeah, well ... ummm ... my side didn't really lose. Because nothing's going to change as a result of this decision. So if you're celebrating today, that's only because you don't realize that you didn't win anything. Nanny-nanny boo-boo!"

Oh, I don't know about that. The pound's already taken a dive. The share market's about to respond. Even the Brexiters are predicting an economic slowdown.

The correct term for this, if it lasts 6 months, is recession. And it will.

As for the refugee argument, refugees who make it to Europe don't get to legally enter the UK. Britain has a separate migration treaty with the EU. The only way refugees can enter Britain without a visa or European passport is stashed away in the boots of cars or sending themselves by air mail.

Par avion, non?

Buy Pounds while they are low.

The thing I don't get about the British is why they have to put a plastic bowl in the sink to do the washing up. Weird.

issuevoter wrote on Jun 24^th, 2016 at 5:12pm:

Buy Pounds while they are low. The thing I don't get about the British is why they have to put a plastic bowl in the sink to do the washing up. Weird.

So they can save the water for the bath?

GordyL wrote on Jun 24^th, 2016 at 5:14pm:

issuevoter wrote on Jun 24th, 2016 at 5:12pm: Buy Pounds while they are low. The thing I don't get about the British is why they have to put a plastic bowl in the sink to do the washing up. Weird. So they can save the water for the bath?

Bath are you mad?

Bath is full of coal!

issuevoter wrote on Jun 24^th, 2016 at 5:12pm:

Buy Pounds while they are low. .

You know I am tempted to do that!

I made a bit on USD I put on my travel card a few months back!

Yes it is. Congratulation to brave and wise British people.
Britain existed before EU and britain will exist after EU.

I have no doubt that many politicians will attempt to drag their heels on the formal exit. Even now the soon to be former PM, Cameron, has backed down on his vow to trigger the formal leaving procedure at the EU heads of government meeting next week. 

Redmond Neck wrote on Jun 24^th, 2016 at 5:19pm:

issuevoter wrote on Jun 24th, 2016 at 5:12pm: Buy Pounds while they are low. . You know I am tempted to do that! I made a bit on USD I put on my travel card a few months back!

Picking the bottom could be tricky,  not much precedence for this.  The coming volitility should be fun. Need to juice up my options platform