The finance ministers of the European Union held their Ecofin meeting in Brussels on Tuesday. On his way into the meeting, UK Finance MinisterGeorge Osborne said: Were reaching crunch time for Greece and the euro zone and Im here to urge all sides to reach an agreement. … What Britain really needs to see is competence, not chaos.

If George Osborne felt that the UK–which is not a member of the euro zone–could easily get away with preaching to the euro member states, hedid not have to wait long to be put in his place.

Germanys Finance MinisterWolfgang Schäuble gave a press conferenceat the end of the Ecofin meeting.