Skip to comments.Finland prepares for break-up of eurozone
Posted on 08/16/2012 4:58:19 PM PDT by bruinbirdman
Finland is preparing for the break-up of the eurozone, the countrys foreign minister warned today.
Erkki Tuomioja, Finland's foreign minister: "We have to face openly the possibility of a euro-break up".
The Nordic state is battening down the hatches for a full-blown currency crisis as tensions in the eurozone mount and has said it will not tolerate further bail-out creep or fiscal union by stealth.
We have to face openly the possibility of a euro-break up, said Erkki Tuomioja, the countrys veteran foreign minister and a member of the Social Democratic Party, one of six that make up the countrys coalition government.
It is not something that anybody even the True Finns [eurosceptic party] are advocating in Finland, let alone the government. But we have to be prepared, he told The Daily Telegraph.
Our officials, like everybody else and like every general staff, have some sort of operational plan for any eventuality.
Mr Tuomiojas intervention is the bluntest warning to date by a senior eurozone minister. As he discussed the crisis, the minister had a copy of the Economist on his desk. It had a picture of Angela Merkel, the German Chancellor, reading a fictitious report entitled How to break up the euro, with a caption: Tempted, Angela?
This is what people are thinking about everywhere, said Mr Tuomioja. But there is a consensus that a eurozone break-up would cost more in the short-run or medium-run than managing the crisis.
But let me add that the break-up of the euro does not mean the end of the European Union. It could make the EU function better, he said, describing the dash for monetary union in the 1990s as a vaulting political leap in defiance of economic gravity. Finland has emerged as the toughest
(Excerpt) Read more at telegraph.co.uk ...
Eurozone, bad idea from the word “Go”.
Salvation is the Aureo, a new currency backed by gold. The opening moment Aureo’s will be valued at the price per ounce of gold.
Do you pronounce it Oreo?
I was going to comment about that, but I see you beat me to it.
I should have left it to you since you are the Grammarian