The Governor of the Bank of England has urged British banks to make contingency plans for the break-up of the eurozone by building up their reserves of dramatic adjectives which may be needed to see them through the looming crisis.
Sir Mervyn King insisted that UK banks were well-capitalised with bombastic and overblown language but – with the storm in the eurozone escalating – it was “sensible” to stock up with even more dramatic phraseology:
A lot of banks used up their supplies of words like ‘disastrous’ and ‘catastrophic’ during the first liquidity crisis back in 2008. Now their reserves of even stronger words such as ‘apocalyptic’ are already starting to run dry and many banks have resorted to creating new words such as ‘Eurogeddon’. There is a concern we may be reaching the limit of hyperbole available which is suitably strong enough to describe the situation if the crisis gets even worse.
King’s warning came as David Cameron, the British Prime Minister, also said that the over-use of dramatic adjectives to describe the eurozone crisis, could badly hurt the UK’s ability to gloat:
If the Euro falls apart and the supply of bombastic self-satisfied rhetoric dries up, British people will experience huge problems with being able to adequately grandstand about the fact we didn’t join the single currency and we would be unable to adequately relish the mess the European banks have got themselves in.
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