May 4, 2017 / 4:19 PM / 4 months ago

EU doesn't want to punish UK but has its own interests, Schaeuble says

German Finance Minister Wolfgang Schaeuble presents draft budget for 2018 and mid-term plans for state spending until 2021 during a news conference in Berlin, Germany, March 15, 2017.Fabrizio Bensch/File Photo

DURBAN, South Africa (Reuters) - The European Union does not want to punish Britain for leaving the bloc but it cannot enjoy EU rights outside the union, German Finance Minister Wolfgang Schaeuble said on Thursday.

"There will be tough negotiations," he said in Durban, South Africa, adding that the EU had a strong interest in a strong Britain but had to look out for its own interests too.

Reporting by Michael Nienaber; Writing by Paul Carrel; Editing by Andrea Shalal

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