Thursday, August 25, 2011

Finland challenges other Euro Group members to offer alternative Collateral Deal!

Calling Schäuble's bluff the Finnish Finance Minister has today e-mailed her Euro Zone counterparts suggesting they offer a suitable alternative to the deal already negotiated by the Finns with the Greeks.

The San Francisco Chronicle has the report linked here, with the crucial portion as follows:

"If the Finnish and Greek deal isn't acceptable to others, it's now up to all euro members to build a model together that everyone finds acceptable," Finance Minister Jutta Urpilainen, 36, said in an e-mailed statement today. "European Union founding treaties stipulate each country is liable for its own debts and commitments. Finland will hold onto this now and in the future."

The final paragraph of the report indicates the existing deal may trigger a default event on €18 billions worth of Greek bonds already sold which stipulate equal treatment for all investors those so far sucked in to this growing mess!

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