Eurozone governments will find a solution very soon to Finland’s demand for collateral in return for fresh loans to Greece, removing a big obstacle to a new international financial rescue package, according to a Finnish minister. Finland’s hardline stance has been an important factor behind the delays in implementing a July 21 agreement among eurozone leaders to launch a second, €109 billion rescue operation for Greece.
He added: “It’s my understanding that the negotiations are going well. It will be the type of collateral that satisfies Finland and the rest of the eurozone states. The reason why Finland is demanding collateral is a deep sense of injustice that not everyone in the eurozone is playing their part."
He said the answer to the crisis should take the form of a closer political and economic union, to be agreed at a European inter-governmental conference, staged either among the EU’s 27 Member States or more narrowly among the 17 eurozone countries. Mr Stubb’s prediction of a rapid resolution of the dispute received support on Friday from EU commissioner, Viviane Reding.
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