The phrase, coined by United States billionaire Wilbur Ross in an interview with Bloomberg, describes the recent decision by the United Kingdom to leave the European Union.
On Thursday, the UK voted 52 percent to 48 percent to leave the EU. It’s the first country to do so, and the decision is already causing a massive reaction from world leaders and organizations.
Bloomberg asserted that the decision to leave should sound an alarm for EU leaders:
The EU should regard the referendum result as a wake-up call. Discontent with how the bloc operates isn’t restricted to Britain. A survey of more than 10,000 voters across Europe published by the Pew Research Center earlier this month showed rising dissatisfaction. The proportion of French respondents with a favorable view of the EU, for example, slumped to 38 percent from 69 percent in 2004; in Spain the deterioration was to 47 percent from 80 percent.