(CNBC) Former Fed Chairman Alan Greenspan told CNBC on Friday the U.K. vote to leave the European Union ushers in a period that's even worse than the darkest days of October 1987.
Britons voted by 51.9 percent to quit the 28-country union, shocking markets that had priced in a win for the remain camp.
"This is the worst period, I recall since I've been in public service," Greenspan said on "Squawk on the Street."
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"There's nothing like it, including the crisis — remember October 19th, 1987, when the Dow went down by a record amount 23 percent? That I thought was the bottom of all potential problems. This has a corrosive effect that will not go away."