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Finland Threatens to Leave Euro Rather Than Pay Debts of Others ^ | July 7, 2012 | Mike Shedlock

Posted on 07/07/2012 1:17:19 PM PDT by Kaslin

The Independent reports Finland warns of euro exit rather than pay debts of others

FINLAND would consider leaving the eurozone rather than paying the debts of other countries in the currency bloc, Finnish Finance Minister Jutta Urpilainen has said.

In a newspaper interview today she said she'd consider crashing her AAA-rated country out of the eurozone.

“Finland is committed to being a member of the eurozone, and we think that the euro is useful for Finland. Finland will not hang itself to the euro at any cost and we are prepared for all scenarios.

“Collective responsibility for other countries' debt, economics and risks; this is not what we should be prepared for. We are constructive and want to solve the crisis, but not on any terms,” she said.

Meanwhile, eurozone officials are cautioning against expecting any quick action from the currency bloc's finance ministers when they meet on Monday to sort out the tangle of loose ends and disagreements left by last month's EU debt-crisis summit.

Time-frames may already be slipping and opposition is building in euro zone hardliners the Netherlands and Finland.

"You have a Finnish problem. You have a Dutch problem. You have a German problem too," said one euro zone diplomat, ..."I don't see a package done by Monday."
Eight Things To Remember

  1. The ESM is supposed to be in place by July 9th. Think that's going to happen?
  2. There have been 19 summits to date. Here It Comes Your 19th Euro Breakdown
  3. Germany has still not ratified the ESM because it is under constitutional review (see German Supreme Court Delays ESM; Another Setback for Merkel; Creeping Bailouts; Reflections on German Expectations for details)
  4. The CSU (Merkel's coalition partner), has threatened to sink the Coalition if Merkel gives any more ground. (See Merkel's Coalition About to Splinter Over Creation of "European Monster State".)
  5. A "Third Front" is forming against Merkel (See German Central Bank Head Warns Merkel on Repeated Weakening of Positions; Third Front Against Merkel
  6. The rise of the Five Star Movement suggests Italy may leave the eurozone. (See Time-Lapse Interactive Graph Shows Stunning Rise in Anti-Euro Sentiment in Italy)
  7. No currency union in history has ever survived without a fiscal union as well.
  8. It's Just Impossible!

Four Reasons It's Impossible

  1. The Bundesbank said there should be no banking union until there is a fiscal union.
  2. Angela Merkel said that there should be no fiscal union until there is political union.
  3. François Hollande said that there should be no political union until there is a banking union.
  4. The German supreme court will not allow a political union nor a fiscal union, nor a banking union without a German referendum.

TOPICS: Business/Economy; Editorial; Foreign Affairs; Germany; Russia; United Kingdom
KEYWORDS: europeanunion; finland; germany; russia; unitedkingdom

1 posted on 07/07/2012 1:17:25 PM PDT by Kaslin
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To: Kaslin

The Finns have demonstrated a gritty common sense during this crisis. Just why should a nation of savers who have lived within their means, send their wealth south to support the proliferate spending of others. It will be interesting to see if they are allowed to opt out of the EU or if they will be forced to tax themselves to subsidize others

2 posted on 07/07/2012 1:28:25 PM PDT by allendale
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To: Kaslin

The Fins are always quick to retreat but also quick to claim that which does not belong to them.

They are opportunists more so than most other European countries but all are guilty.

3 posted on 07/07/2012 1:29:55 PM PDT by jongaltsr
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To: Kaslin

I hear all over the place socialism is good. You mean it ain’t?

4 posted on 07/07/2012 1:40:39 PM PDT by GeorgiaDawg32 (This tagline for rent. Contact GeorgiaDawg32 for pricing and excellent financing options.)
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To: Kaslin

I see thew EU much like the guy on the old “Ed Sullivan Show” who had to keep all the plates spinning on the sticks. Sooner or later, you’ll see a plate or two fall and then they all will come crashing down.

5 posted on 07/07/2012 1:45:09 PM PDT by Nowhere Man (June 28th, 2012, the Day America Jumped The Shark.)
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To: Kaslin

Not to be overly simplistic, but you’d think anyone who ever participated in a “team project” for a “team grade” in school could’ve figured out how this would end up.

6 posted on 07/07/2012 1:49:35 PM PDT by workerbee (June 28, 2012 -- 9/11 From Within)
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To: Kaslin
Sounds like Jutta's read Ayn Rand.
7 posted on 07/07/2012 1:55:31 PM PDT by tumblindice (Sic Semper Tyrannis)
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To: Kaslin

>Here It Comes, Your 19th Euro Breakdown

Perfect! Classic!!

8 posted on 07/07/2012 2:20:33 PM PDT by bill1952 (Choice is an illusion created between those with power - and those without)
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To: jongaltsr

Do the Finns make inexplicable generalisations about entire countries when they post on internet forums?

9 posted on 07/07/2012 3:01:09 PM PDT by agere_contra
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To: Kaslin

rock - paper - scissors

10 posted on 07/07/2012 3:01:17 PM PDT by Elsie (Heck is where people, who don't believe in Gosh, think they are not going)
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To: Kaslin

Considering Finland was nearly wiped out economically when the USSR collapsed 20 yrs ago...the Finns have really rebounded to be one of the few bright spots of the EU/Euro currency nations

I wonder if Finland is shooting the first salvo of a full Scandinavian exit of the EU?

Norway has never been an EU member, and has its own currency. It has the highest per capita income in the world...has its own oil production....and pretty much provides the oil for the other Scan nations (thru their Statoil)

Sweden is an EU member, but not in Euro. Their economy is pretty sound, but there are debt rumblings. However, a Swede earlier this year reminded me “Norway may have the wealth, but many of its people still come to Sweden to look for work”

Denmark is an EU member, but not in Euro. If NOR and SWE bolt, they will too...since they do so much business with the two

FIN and the Scan countries would benefit greatly if they told the EU to bleep off

11 posted on 07/07/2012 4:19:49 PM PDT by SeminoleCounty (Romney has foreign assets.....Obama has foreign birth certifcates)
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To: agere_contra

They do. How many Fins have you known in your life.’

Not only that but they are critical of anything to do with the US in “Leaps and Bounds”.

12 posted on 07/07/2012 8:21:11 PM PDT by jongaltsr
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To: GeorgiaDawg32

Socialist to Milton Friedman: “There are no poor people in Scandinavia”

Milton Friedman to Socialist:”There are no poor Scandinavians in America.”


13 posted on 07/07/2012 8:29:52 PM PDT by Tea Party Terrorist (Fast & Furious: Proof the Government should not have access to guns)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks Kaslin. Funny idea, coming from a socialist country, eh?

14 posted on 07/09/2012 6:42:16 PM PDT by SunkenCiv (
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