Finland to oppose Ireland Bailout

gijoe

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If Carlsberg did ironies there is no way they could beat this one. Ollie Rehn's home country is going to oppose a bailout for Ireland because the Finnish government believes it would be toast domestically as it cannot sell an Irish bailout to its electorate.

Finland's staunch opposition to pushing Dublin into asking for help is partly based on its belief that the rules must be strictly adhered to but also out of domestic political concerns -- there is an election in Finland next year and there is popular opposition to more bailouts.

"Finland is already supporting Iceland, Latvia, Greece and, who knows, possibly Ireland and others," said a Finnish EU source who spoke on condition of anonymity. "The government will be politically dead if we accept something that is unacceptable to the average Finn. There is no way of explaining it to the average Finn that we are paying all this money but don't know when it's coming back."

As well as opposing Ireland getting quick access to the EFSF - the Irish government is fully funded until mid-2011 and does not immediately need financing help -- Finland opposes Ireland tapping the EFSF or other EU mechanisms to help its banks.

BUSINESS WORLD - Finland will oppose an Irish bailout
 
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HarshBuzz

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that's all we need

hopefully ze Krauts don't start doing the same dance
 

Asparagus

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We're finnish(ed) now...

The best way to get cowen to do something is tell him he can't, or its insane, or it will wreck the country.
 

zeleneye

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What's the ironic bit? Its the Gerries and the ECB that want us to access the bail out - not the Commission (and Olli Rehn).
 

Doodah

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That good news - that puts the pressure back on the ECB to carry the can.
Is it not clear by now that this is in the interest of the State? That the ECB take on the banking liability? In using the EFSF the state merely takes on more debt and allows the EU to dictate economic policy from here on.
Irish banking liability needs to be transferred to the ECB in some form or other.
 

Cassandra Syndrome

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This is great, we are causing public brawls within the new Tower of Babel.
 

borntorum

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Ireland has never seemed so important as right now, albeit in a Sarajevo 1914 kind of way
 

A view from England

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That good news - that puts the pressure back on the ECB to carry the can.
Is it not clear by now that this is in the interest of the State? That the ECB take on the banking liability? In using the EFSF the state merely takes on more debt and allows the EU to dictate economic policy from here on.
Irish banking liability needs to be transferred to the ECB in some form or other.
Why should the rest of the EU carry the can for Irelands mismanagement?
 

olamp

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That good news - that puts the pressure back on the ECB to carry the can.
Is it not clear by now that this is in the interest of the State? That the ECB take on the banking liability? In using the EFSF the state merely takes on more debt and allows the EU to dictate economic policy from here on.
Irish banking liability needs to be transferred to the ECB in some form or other.
Will there be a vote on the Irish bailout?If Finland vote against it what will happen then?
 

eoghanacht

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eoghanacht

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On a serious note i used to go out with a finnish au pair, it ended acrimonously. She was going to do political science in the University of Helsinki.

Cecilia Mikkelson if your reading this i'm sorry. Please don't take it out on my country.
 

Darren H

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Why should the rest of the EU carry the can for Irelands mismanagement?
Quite - can you imagine the bleating that would have eminated from a certain Celtic Tiger if Finland had recklessly mismanaged its economy a few years ago and gone to the EU for funds.
 

Doodah

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Why should the rest of the EU carry the can for Irelands mismanagement?
"Ireland's mismanagement"?
German & UK banks recklessly lent to Irish banks, particularly Anglo.
Did the State or the public (ie. Ireland) cause this? Who oversaw this behavior or "mismanagement"?
The German government? The UK government? The ECB?
 

cferrie

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Darren H

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Cos we're a community, innit?

The Euro has been run primarily for Germany's benefit. Time for them to take the rough with the smooth
I would have said the Euro was introduced primarily for the French benefit. They had no control over the Bundesbank, and the Franc fort policy was almost entirely dependent on mirroring German interest rates, without any say over them.
 

ne0ica

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This is rich from a country that got a bailout of its own back in the 90's. A country with a small poulation like Finland won't have much of a say. But I say to this folks. Spain, Portuagal and other European countries are trying to shaft us.

If Carlsberg did ironies there is no way they could beat this one. Ollie Rehn's home country is going to oppose a bailout for Ireland because the Finnish government believes it would be toast domestically as it cannot sell an Irish bailout to its electorate.




BUSINESS WORLD - Finland will oppose an Irish bailout
 


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