Britain's EU exit will be very bad for Europe: French ex-president

Britain's exit from the European Union would be a "very bad thing" for Europe and have disastrous consequences for the country itself, former French president Nicolas Sarkozy said on Wednesday.

"In my personal opinion, Brexit (Britain's exit from the EU) will be a very bad thing for Europe because of the simple reason that Great Britain at the moment is the second biggest economy in Europe. To lose the second biggest economy will be a big loss," Sarkozy said at a conference here, jointly organised by the Federation of Indian Chambers of Commerce and Industry and the Indo-French Chamber of Commerce and Industry.

Referring to Britain's referendum on EU membership slated this summer, the visiting former French president said that in case the move happens it will be a "catastrophe for Great Britain".

If Britain exits from Europe, American companies will arrive owing to the close relationship between the two nations, he said

"So, there will be a very serious consequence," Sarkozy added.

Noting that India and France had a free-trade agreement that benefitted both nations, Sarkozy suggested that the 'Make in India' campaign could be rephrased as 'Make with India' as it would help strengthen the partnership between India and France while paving the way for future collaborations.