Eurozone crisis

Finland destabilizes bailout plan

Published on 19 August 2011 at 10:53

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‘Finland puts bomb under EU bailout plans’, headlines De Volkskrant, reporting on Finland’s demand that Greece put up collateral against Helsinki’s participation in the Greek bailout. According to the Dutch newspaper, the two countries have now struck a deal, and four others – Austria, the Netherlands, Slovakia and Slovenia – are now demanding similar guarantees, leading to fears for the stability of the July 21 agreement to save Greece.

In the Netherlands several MPs have already asked the finance minister to take action. De Volkskrant says it is unclear what Greece could offer as collateral to Finland. Probably not islands or railroads: more likely a cash payment of €0.5bn-1bn. Because Greece has no money of its own, the paper fears that the deposit will have to come from the European fund.

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