Dutch Finance Minister calls Cyprus fiasco “an approach” for other troubled European countries; markets tank (UPDATE: and now the Eurogroup is backing off)

Jeroen Dijsselbloem, Dutch Finance Minister, head of the Eurogroup of Finance Ministers, and Labor Party guy, is so happy with the “resolution” to Cyprus (see my dim view on another blog), that he is now calling it “an approach that I think, now that we are out of the heat of the crisis, we should take” for other national economic or banking rescues (Telegraph).

So much for Cyprus being “unique.”

Markets, as one might expect, are tanking.

UPDATE: Turns out the Eurogroup isn’t following their “leader” (same link):

Cyprus is a specific case with exceptional challenges which required the bail-in measures we have agreed upon yesterday. Macro-economic adjustment programmes (UK sp) are tailor-made to the situation of the country concerned and no models or templates are used.

Obviously somebody noticed that the original statement was ill-received…

Cross-posted to the right-wing liberal