Well This Is Comforting

Euro Finance Ministers admit they’re “in a mess”

(Reuters) – Euro zone finance officials acknowledged being “in a mess” over Cyprus during a conference call on Wednesday and discussed imposing capital controls to insulate the region from a possible collapse of the Cypriot economy.

In detailed notes of the call seen by Reuters, one official described emotions as running “very high”, making it difficult to come up with rational solutions, and referred to “open talk in regards of (Cyprus) leaving the euro zone”.

The call was among members of the Eurogroup Working Group, which consists of deputy finance ministers or senior treasury officials from the 17 euro zone countries as well as representatives from the European Central Bank and the European Commission. The group is chaired by Austria’s Thomas Wieser.

Cyprus decided not to take part in the call, a decision that several participants described as troubling and reflecting the wider confusion surrounding the island’s predicament.

“The (Cypriot) parliament is obviously too emotional and will not decide on anything, if Cyprus does not even feel that they can attend the call it is a big problem for us,” the French representative said, according to the notes seen by Reuters.

When the French think you’re acting too emotional…

2 Responses to “Well This Is Comforting”

  1. JeffS says:

    “Emotional”? As in, “Holy crap! The unwashed masses are on to us! Where can we go without extradition?!!?!?!?!?”

  2. David Crawford says:

    JeffS, I think it may be more like “Holy crap!! Where can we hide from all those Russian gangster who parked their money in our don’t ask, don’t tell banks.”

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