“The Eurogroup held a teleconference this evening to take stock of the situation in Cyprus. The eurozone’s decision-making institution on the euro is an informal committee of finance ministers. The committee has no official name. It has no official power. It is not voted into office. In the Lisbon Treaty, which went into effect on January 1, 2009, this no-name informal committee at last got its legal status. This no-name Committee promised Cyprus banks $13 billion worth of euros over the weekend, on its own authority, and answerable to no one in any European parliament, including the European Union. This is called democracy in Europe.”
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