You are here: Home - Saving-Banking - News -

Finland prepares for euro break-up

Written by:
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.

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week