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U.K. says it won't pay (EURO)100 billion Brexit divorce bill

LONDON (CNNMoney) -- The European Union has warned Britain that pulling out of the bloc will be a painful -- and costly -- process with real consequences.

"Some have created the illusion that Brexit would have no material impact on our lives or that negotiations can be concluded quickly and painlessly," the EU's chief negotiator Michel Barnier said Wednesday. "This is not the case."

Barnier's comments came just hours after the Financial Times reported that Britain could face an upf

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