fbpx

Finland hardens stance against Greek bailout

greekbankFinland is retaining its tough line on Greece’s third bailout, but says it could stay out of a deal.

The country already had steely opposition to any bailouts in the eurozone, but that line hardened further after last April’s election when the eurosceptic party, The Finns, joined a new centre-right coalition.

"We're really out of patience ... Our government has a very tight policy on this. We will not accept increasing Finland's liabilities, or cuts in Greece's debts," the foreign minister told Reuters.

Greece is negotiating a further bailout which could be up to €86 billion. It hopes to receive the first tranche in time to make a debt repayment to the European Central Bank.

"If we vote against a deal, it goes to the emergency procedure, and a package is implemented regardless of us," foreign minister Soini said, referring to a procedure which permits measures to be passed without unanimous approval if stability is deemed to be at risk.

Last month, Finland supported the idea of a temporary exit for Greece, 'Grexit', but eventually accepted that new loan talks could begin.

"I don't believe that this (bailout) policy will provide solutions, and I think that, in the longer term, 'Grexit' is the most likely scenario."

It is not likely Finland’s position will soften in the near future. Soini’s nationalist party, which shot quickly to become the second largest parliament group, has been calling for a yet more critical stance toward the EU.

The country’s economy has faltered and as the 5.4 million population faces its own austerity measures and unemployment, calls for tighter conditions on immigration have become increasingly popular.

At The Finns’ annual conference, calls were made for the party to become more critical of the EU and for the return to its own monetary policy.

Pin It