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BRUSSELS, June 24 (Xinhua) -- Brexit, or Britain's exit of the European Union (EU), is set to create chaos to the bloc's budget plan as well as ongoing capital market integration, bringing negative impact to the EU financial institutions and eventually weigh on the bloc's economy, experts say.


Britain is the fourth largest net contributor to the EU's budget, after Germany, France and Italy. This year, it would have to contribute 19.4 billion euros(21.59 billion U.S. dollars) to the EU budget and gain back rebate and custom duties worth 5 billion euros, accounting for around 5 percent of the bloc's budget.


Experts said the budget gap caused by Brexit has to be filled by other EU member states, of which Germany is expected to contribute the biggest share.


Brexit means Britain will leave the EU's would-be capital market union, which aims to remove barriers for investors and help mobilize money for infrastructure projects and, most importantly, SMEs.


With Britain, the fifth largest economy in the world, the EU's economy stands a little bit larger than the United States. Media reported that the EU's equity size is only half of the U.S.'s while its securities market is even less than a quarter of the U.S.'s.


Brexit is expected to be harmful to the EU's capital market union as Britain has long stood as a significant part of the EU's capital markets.


Meanwhile, experts cautioned that Brexit would as well have negative impact on the bloc's financial institutions.


For instance, the European Investment Bank (EIB), whose capital relies heavily on the bloc's major economic powers, is faced with the reduction of Britain's share which accounts for some 16 percent.


Brexit as well puts the bank's high rating on risk, leaving the bank's bond in a vulnerable position and may drive investors away to look for safer bonds.


Fortunately, Brexit's harm to the capital of European Central Bank (ECB) could be not so heavy as Britain is a non-Eurozone country.


Britain contributes 55 million euros to the ECB and is only required to contribute to the ECB's operational costs by paying at least 3.75 percent of its subscribed capital, according to Bruegel, an influential Brussels-based think tank.


"This means that the UK's contribution to the ECB is tiny, and it should be easy to disentangle it," said a report of Bruegel.


On the other hand, trade becomes another tricky issue. Britain's withdraw from the EU's single market is costly as it has to renegotiate trade agreements with the EU member states, 52 countries which enjoy preferential trade agreements with the EU, or with over 100 members of the World Trade Organization.


Economists warned that Brexit raises great uncertainties on the bloc's growth, which unfortunately is still sluggish.


Brexit will make an impact on EU's trade, raise risks in the bloc's financial sector and postpone investment, experts said, all in all, it was predicted that the growth of the bloc's gross domestic product may slow to 0.5 to 1.0 percent in 2017, compared with the previous predication of around 1.6 percent. Enditem


These are the times when hard economic cuts on the athletic department will show who is economically fit enough to survive.


According to Tony Piccolo Vincent Trocheck Hockey Jersey , Ansonia’s athletic director, last year’s sports budget was $290,000. But the board of education cut back about $110 Aleksander Barkov Hockey Jersey ,000 for this year which caused the loss of an assortment of freshman teams including forced loss of golf, tennis, and middle-school sports. Other sports activities Vincent Trocheck Panthers Jersey , which suffered from the cut back, were the JV football, the varsity program Aleksander Barkov Panthers Jersey , and half a year of dance.


This is the time when every athletic director has to be creative to make sure that even with huge budget cuts the integrity of their athletic department can still be held intact. Saving every penny is now the name of the game. One example is combining buses of the tennis team with the softball team. Small sacrifices like these can get the soccer team some new soccer uniforms. For Ansonia, their soccer jerseys will have to last them longer. Since their design will be replaced after two years of use. Which is a better option than dropping the program altogether. But Tony said that he is still looking for ways to buy cheaper soccer uniforms. He just needs put more effort into helping the team get new soccer jerseys.


Bunnel’s sports director Dave Johnson said, “You count every penny. You make sure every purchase is justified. There are things you can do where the kids can still participate Cheap Vincent Trocheck Jersey , but you save a little bit here, a little bit there from every team in the entire program. … You maintain the integrity of the program, but at the same time Cheap Aleksander Barkov Jersey , you’re helping out the district.”


Even Derby’s Joe Orizietti shares, “The last several years, yes Adidas Vincent Trocheck Jersey , we cut some programs entirely.” But he also mentioned some good news for this year, “Past years, we were using gate receipts to supply teams. Our supply budget-we got some money this year from the board of education Adidas Aleksander Barkov Jersey , which is great.” He also added, “Being a small school, in a small district Authentic Vincent Trocheck Jersey , it’s tough.” So it’s a good thing that schools in the Valley help each other whenever possible.


SCC commissioner Al Carbone even heard of state-tournament games being turned down due to the state budget crunch threatening athletic programs. It is simply difficult to support these sports activities especially when the revenue return just isn’t there.


Mike Moore writes for sports websites. Soccer is one of the world’s favorite sports. Mike writes for many soccer equipment and soccer coaching websites including http:www.buysocceruniforms


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