The deal between Greece and Finland on collateral needed to secure the Nordic country΄s participation in Greece΄s bailout makes no sense, a spokesman for Austria΄s Finance Ministry told Finnish newspaper Helsingin Sanomat in a report published Thursday.
“Since Greece cannot afford any collateral, the EU will have to help. In fact, the contributors are therefore the other member states. We can not see how this would be justified. Austria has done a lot and paid a lot, and now it should also finance collateral for Finland – it makes no sense,” spokesman Harald Waiglein was quoted as saying.
Finland΄s Finance minister Jutta Urpilainen announced on Tuesday that Greece had agreed to deposit a still-to-be-decided sum as collateral with the Finnish state for Finland to invest. According to the deal, Greece would receive the original installment and the accrued profit as soon it had fulfilled all obligations with the European Financial Stability Facility.
The agreement between Greece and Finland will have to be submitted for approval to the other countries that are part of the 17-member euro zone.
(source: Dow Jones)
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