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Finland prepares for euro break-up

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17/08/2012
Finland's foreign minister said the country is taking measures to prepare itself for a full-blown currency crisis in Europe.

He also said the nordic country will not tolerate further bail-out creep or fiscal union by stealth, the Daily Telegraph reports.

“We have to face openly the possibility of a euro break-up,” said Erkki Tuomioja, the country’s foreign minister and a member of the Social Democratic Party, one of six that make up the country’s 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 Telegraph.”

He said everyone is thinking about the possibility of a break-up and the consensus is this 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.

Finland has emerged as the toughest member of the eurozone’s creditor bloc as it tries to hold together a coalition, the Telegraph reports. 

“Taxpayers here are extremely angry,” said Timo Soini, the True Finn leader. “There are no rules on how to leave the euro but it is only a matter of time. Either the south or the north will break away because this currency straitjacket is causing misery for millions and destroying Europe’s future.

“It is a total catastrophe. We are going to run out of money the way we are going. But nobody in Europe wants to be first to get out of the euro and take all the blame.”

Leaders throughout Europe are now waiting for the EU-IMF Troika inspectors to report back on Greece’s bail-out compliance, the results of which could prove crucial for the future of the euro.

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