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About Finnish society & culture. From snow to sauna, from natives to Nokia.
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ECB Liikanen: Costs Higher If We Didn't Aid EMU Periphery | iMarketNews.com

ECB Liikanen: Costs Higher If We Didn't Aid EMU Periphery | iMarketNews.com | Finland | Scoop.it
ECB Liikanen: Costs Higher If We Didn't Aid EMU Periphery http://bit.ly/mG9KW8...

HELSINKI (MNI) - Despite frustration in some quarters over bailouts for troubled EMU member states, it should be kept in mind that the costs would be higher without that aid, European Central Bank Governing Council member Erkki Liikanen said Friday in an interview on Finnish television.

Liikanen, who heads the Bank of Finland, acknowledged the frustration in his country over bailout packages for Greece, Ireland, and now Portugal. But "the vast majority of Finns (78%) regard the euro as a positive thing," he noted.

"It is clear that when some countries have not complied with the same stability norms as Finland, aiding them has been tough," Liikanen added. "However, had this not been done, the costs most probably would have been much higher."
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Helsingin Sanomat - International Edition - Business & Finance

Helsingin Sanomat - International Edition - Business & Finance | Finland | Scoop.it
Bailout guarantees increase Finnish EMU debt.
Finland's share of the guarantees for bailout loans to be given to Ireland would technically add to Finland’s public debt.
At present, Finnish responsibility for the bailouts is so small that its impact on the debt is limited.
However, if Finland’s share of the guarantees is increased, its nominal debt will grow as well.
(Helsingin Sanomat: EU agrees on safety net for countries in economic crisis http://dlvr.it/Lhplr)
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