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Finland Might Say No

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Good on them I say

Finland threatens to withdraw Greek bailout support

Jyrki Katainen, the Finnish prime minister, has threatened to withdraw support for the Greek bailout in a move that could crush the fragile signs of recovery on global markets.

http://www.telegraph.co.uk/finance/financialcrisis/8719095/Finland-threatens-to-withdraw-Greek-bailout-support.html

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Nothing has been fixed.

Also from the article.

LOL WAFJ

In America stock markets advanced as data showed that China's manufacturing sector was performing better than expected.

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Actually the issue of asking for collateral in return for further loans to Greece seems to be gaining traction in other countries as well. Several appear to be arguing that if Finland can have collateral they want it too as explained below. This is leading to quite a few problems and delays.

The collateral problem

One part of the July 21st deal that officials and politicians tried to brush over was a request from Finland for collateral in return for her participation in the bail out. If they hoped that they could talk Finland out of this demand then this recent statement by the Finnish Finance Minister ended it.

Without this arrangement, Finland won’t participate

Just to add to the problem several other nations have decided they if Finland is going to get collateral they want some too. As we stand Austria, Slovakia and Slovenia have definitely stated this and the Netherlands has implied it will ask for it too.

There are various problems with this turn of events. One is that there is not much sign of unity being shown and the concept of joint liability and responsibility that is part of the Euro project seems to be weakening. Another is exactly what collateral will they get? If Greece had any cash or near-cash instruments she would not be in the position that she is in now. I think that those asking for collateral need to specify exactly what they mean by it.

As Greece is in the middle of a planned 50 billion privatisation programme the additon of collateral demands could lead to a very large overall fall in the size of state assets should the loans go wrong. There are clear dangers here. Also there is the danger that they concept of collateral may lead to issues for Greek bonds which have been issued in the past under foreign law as they may require collateral too. Accordingly the arrmagement is looking as shambolic and ill thought out as its predecessors.

http://www.mindfulmoney.co.uk/wp/shaun-richards/greek-is-in-a-depression-and-it-is-time-to-deal-with-its-consequences-or-the-rescue-will-fail/

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So the financial realities remain, however much the elites want to pretend otherwise? Is bbc on this?

To the man in the street this is a no brainer who in their right mind would lend anybody anything without some sort of real guarantee of repayment,Europe seems to want if they don't repay they get off scott free.

Im sure you could kickstart the housing market big times with these terms :D

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Wouldn't it just be easier for Greece to default and leave the Euro.

If their politicians had a pair of balls to share between them, yes.

I don't think finland asking for collateral up front is exactly a good idea for the loans - i think it shows how utterly unaffordable these loans are to begin with. Solving a debt crisis by getting more expensive loans. And if everyone asks for collateral on the loans, then it's shown already how unaffordable they are.

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If you remember Finland opposed the Portuguese bailout too. And a youtube movie was made by the Portuguese. I like the Finns. The men often start crying when drunk though (called the Finnish sorrow, loosely translated!).

Finns may flame me.

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To the man in the street this is a no brainer who in their right mind would lend anybody anything without some sort of real guarantee of repayment,Europe seems to want if they don't repay they get off scott free.

Im sure you could kickstart the housing market big times with these terms :D

Exactly.Many households soon to be doing their own version of sovereign default. The "SodThem" default?

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It's easy to see why people (banks) buy this crap. Heads you make a 40% per annum return and tails the EU bails you out. If you're a banker charged with getting, say, a 10% return on some fund you're managing then it's a no-brainer.

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It's easy to see why people (banks) buy this crap. Heads you make a 40% per annum return and tails the EU bails you out. If you're a banker charged with getting, say, a 10% return on some fund you're managing then it's a no-brainer.

But presumably, this can only continue for as long as the EU can bailout the bailers in turn.

Ireland contributed to the first Greek bailout, but naturally isn't part of the arrangement now while being bailed itself. Spain and Italy are thought to be opting out of the next Greek bailout, being indirectly rescued themselves. The debt-go-round would appear to be finite?

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But presumably, this can only continue for as long as the EU can bailout the bailers in turn.

Ireland contributed to the first Greek bailout, but naturally isn't part of the arrangement now while being bailed itself. Spain and Italy are thought to be opting out of the next Greek bailout, being indirectly rescued themselves. The debt-go-round would appear to be finite?

How long until they openly admit they can`t hold it together?

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But presumably, this can only continue for as long as the EU can bailout the bailers in turn.

You disappoint me your have doubts in your faith of the magic printing press? Hang your head in shame.....

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Good on them I say

Finland threatens to withdraw Greek bailout support

Jyrki Katainen, the Finnish prime minister, has threatened to withdraw support for the Greek bailout in a move that could crush the fragile signs of recovery on global markets.

http://www.telegraph.co.uk/finance/financialcrisis/8719095/Finland-threatens-to-withdraw-Greek-bailout-support.html

Another Scandinavian country (Denmark)saying "no" precipitated the ERM crisis back in '92.

History repeats? :)

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Another Scandinavian country (Denmark)saying "no" precipitated the ERM crisis back in '92.

History repeats? :)

And if we had a vote we would say no as well.

100% guaranteed :lol: thats unless somebody doctors the voting slips :o

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  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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