Finland would consider leaving the eurozone - Finance Minister

[RandBlade]

Ahhh where is Hazir ...

Finland would rather exit euro than pay for others: Finance minister
HELSINKI (AFP) - Finland would consider leaving the eurozone rather than paying the debts of other countries in the currency bloc, Finnish Finance Minister Jutta Urpilainen said in a newspaper interview on Friday.

'Finland is committed to being a member of the eurozone, and we think that the euro is useful for Finland,' Ms Urpilainen told financial daily Kauppalehti, adding though that 'Finland will not hang itself to the euro at any cost and we are prepared for all scenarios.'

The finance minister stressed that Finland, one of only a few EU countries to still enjoy a triple-A credit rating, would not agree to an integration model in which countries were collectively responsible for member states' debts and risks.

She also insisted that a proposed banking union would not work if it were based on joint liability.

[ar81]

It seems very reasonable. Bailout is a scheme where governments with high debts borrow money to give the money to banks to make them richer and reward their poor management. So indeed Finland would be refusing to be part of a scheme that would hurt other fellow European citizens. It seems reasonable.

Debt is a sign of political weakness, as it is a sign that politicians are not willing to keep fiscal discipline and they are not willing to make togh decisions to balance a budget. By not being part of a scheme that will make bankers richer and politicians to keep their irresponsible behavior, Finland is doing a favor to Europe.

[Steely Glint]

AR81 would consider making post that explains the obvious - everyone

[Omega]

AR81 would consider making post that explains the obvious - everyone

Hey, hey, don't knock the guy. It will at least avoid misunderstanding. I'd rather read one comment outlining the obvious than twenty comments base on retarded speculation.

[ar81]

This European debt crisis has been a panic created by media. If the problem was debt they would have taken action to reduce debt. But the problem is that in the name of debt crisis they extort governments so they bailout banks to actually increase their debts. No wonder that next time their debt situation would look worse. Also, lenders demand austerity that closes the liquidity valve of government spending, sinking the country, making the debt even more unpayable. It was about time that someone would oppose this "theatrical crisis".

You hear about Spanish situation being critical since 2010 and it was not even among the top ten worst countries on debt vs GDP in 2011. US was 7th. Japan was first. Greece is second and it has been targetted by speculative attacks to increase premium rates, according to EYT. Bankers and rich people tell media what they want to happen, not what is actually happening. Euro crisis is just a political smoke screen in US to distract americans from US crisis and keep dollar as the world reserve currency. This is what currency war is about.

[RandBlade]

That's nonsense.

Its a panic caused by debts, deficits, bad loans and unemployment. Not the media. Debt in itself alone isn't a killer so long as people have confidence you can repay the debt, when that confidence goes though (because of other problems on top of just debt) then you end up with this crisis.

The notion this is US-based is inane and worthy of the very worst conspiracy theorists.

[ar81]

That's nonsense.

Its a panic caused by debts, deficits, bad loans and unemployment. Not the media. Debt in itself alone isn't a killer so long as people have confidence you can repay the debt, when that confidence goes though (because of other problems on top of just debt) then you end up with this crisis.

The notion this is US-based is inane and worthy of the very worst conspiracy theorists.

Conspiracy theory?

Moore Capital, Fidelity International y Paulson & Co, Brevan Howard were found to be responsible for speculative attacks on Greek bonds as it was pointed out by Greek intel agency EYP. These attacks artificially raised premium rates and interests of Greek bonds.

Source: http://economia.elpais.com/economia/...82_850215.html

Goldman Sachs is accumulating carbon in Asturias as part of a speculative operation to sell thousands of tons in futures market to get astronomical profits in Spain, the country with the most expensive energy of Europe. This will make Spain less competitive and less likely to get out of its already ugly crisis.

Source: http://www.publico.es/dinero/439459/...no-en-asturias

Speculative attacks also have hurt companies. In the past Coca-Cola accused Goldman Sachs of manipulating price of metals.

Source: http://www.elmundo.es/america/2011/0...308595748.html

No wonder why Brazil imposed a Tobin tax and Argentina has eliminated the possibility of speculation with currencies. Speculation feeds crisis and it is fed by economic crisis. In a stable economy speculation would report small or no gains.

[RandBlade]

LOL

[ar81]

LOL

Excuse me. I do not get it...