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'We would cry' if UK leaves EU: German finance minister

German finance minister Wolfgang Schaeuble said he would cry if Britain voted to leave the European Union at a referendum on June 23.

"We would cry," Schaeuble said when asked in a panel discussion what he would do if Britain quit the bloc, prompting laughter and applause from an audience of business representatives.

Earlier, Schaeuble said the EU would be less competitive and more unstable without Britain.

German Finance Minister Wolfgang Schaeuble arrives at a euro zone finance ministers meeting in Brussels, Belgium, August 14, 2015.
Francois Lenoir | Reuters
German Finance Minister Wolfgang Schaeuble arrives at a euro zone finance ministers meeting in Brussels, Belgium, August 14, 2015.

He urged Britain to "stay in Europe," saying it would be a mistake not to be part of the bloc's decision making and that the region could be more unstable if it left.

"We have decided it is better if the U.K. stays in Europe," Schaeuble said at a British Chambers of Commerce event. "(The recent U.K. deal) is a good deal for U.K. because it stays in and also good for the European union as it makes it a more competitive".

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