Monday, May. 21, 2012 |
Finland Open to New Collateral Model After Provoking Rebuke
Page last updated at 03:59 GMT, Tuesday, August 23, 2011 - 08:59 EST
San Francisco Chronicle:
Finland is open to adjusting its collateral arrangement with Greece after several euro members criticized the Nordic country for securing a bilateral deal to protect its commitment, Prime Minister Jyrki Katainen said.
"Everybody knew beforehand that this is a red line for us, we have tried to solve the problem, we have done it together with Greece," Katainen said yesterday in an interview in Helsinki. "It's a well-functioning technical solution, but if this particular model isn't possible, then we have to try to find another model."
Finland's Aug. 16 announcement that it had secured extra assurances its contribution to a second Greek bailout will be repaid triggered a backlash of criticism and prompted calls for similar deals from Austria and the Netherlands, which both share Finland's AAA rating, as well as Slovakia and Slovenia. Austria has warned Finland's collateral deal threatens to undermine rescue efforts.
Read the whole story: San Francisco Chronicle
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