eurotop40
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Yes it is shocking.
First of all there's the issue of a foreign head of state getting directly involved in a UK referendum. This crosses a line. Usually the UK would respond with some form of diplomatic protest. For example when France's President Hollande talked down the UK economy we lodged a protest. We should be doing the same now - we should call the American ambassador to Downing Street and Cameron should tell him that America's action is unacceptable.
Then there's the issue of Obama telling the UK we would be "back of the queue". There's all sorts of problems with the idea that the US would consider treating its close ally in this manner, as well as the view that it is bluster. UK trade with the US is almost as large as that of the rest of the EU combined. Additionally it is much easier for two nations to agree a treaty than twenty-nine (right now the EU-Canada trade deal is being held up by Romania that is demanding a change in policy on migration of Romanians to Canada).
However the overwhelming problem is that Americans don't say "back of the queue". They say "last in line". It seems very likely that the phrase comes from a Brit. Obama has asked a Brit "what do you want me to say?"
Obama is POTUS. He acts for the good of the USA. Getting the USA involved in this spat is not good for the USA. He has done it as part of a deal. And that's where it gets worse. The chatter is that there's been discussion of UK troops on the ground in Libya, and chatter that Cameron is going to make this happen.
Special relationship à la carte (as usual for the UK, in spite of their cuisine).