Finland
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Finland
About Finnish society & culture. From snow to sauna, from natives to Nokia.
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North is north

North is north | Finland | Scoop.it

LAPLAND is just about as far from Cyprus as one can go in Europe. But on a spring day the sun reflected on an endless expanse of snow can be as bright as a Mediterranean beach. Russian pleasure-seekers and businessmen may flock to both countries. Yet in economic terms they are worlds apart. This week Cyprus became the fifth euro-zone country to negotiate a euro-zone bail-out; AAA-rated Finland, in its laconic way, is perhaps the most hardline of creditor states.

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The Finn red line

The Finn red line | Finland | Scoop.it

...It is true that Finland has the most to lose from a pooling of sovereign debts. The IMF reckons the combined gross debt of euro-area countries will peak at 91% of GDP next year, when the ratio in Finland will be just 53%, the lowest of any euro-zone country bar Estonia and Luxembourg. Finland’s borrowing costs are roughly the same as Germany’s. After Japan and Italy, Finland has the most rapidly ageing population among rich countries, so it is wary of adding to its debts. And having recovered from a nasty banking crisis in the 1990s through their own efforts (albeit with a favourable tailwind from the world economy), Finns are hostile to bail-outs.

 

http://www.economist.com/node/21560879

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North-South Divide Marks Euro's Struggle - In Portugal, Finland, Two Different Views of Financial Crisis

North-South Divide Marks Euro's Struggle - In Portugal, Finland, Two Different Views of Financial Crisis | Finland | Scoop.it
Though Finland and Portugal share a common currency, their divergent economic outlooks echo the divide between the euro-zone's strongest and weakest members. Finland's economy is still growing, and unemployment is low. In contrast, Portugal is suffering a high jobless rate and entering a second year of recession.

 

The feeling of being almost untouched by economic turmoil is shared by Finns more than 2,000 miles away at a resort in Espoo, north of Helsinki. Here, where sunlight is shining nearly 24 hours a day, Finns flood into Serena, a ski resort that stays busy in the summer thanks to a water park.

"We are just beginning our family vacation, so we are mostly concerned about the weather," said homemaker Marja Laine, spending €94 ($115) for entrance for a family of four. Her husband, Jani, says the euro-zone crisis isn't on his mind. "For the moment it has not had any impact on us."

For Portuguese families though, the crisis is front and center.

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Euro-Doom Is Fantasy, Why the Currency Won't Collapse - Bloomberg

Euro-Doom Is Fantasy, Why the Currency Won't Collapse - Bloomberg | Finland | Scoop.it
 Consider the growth performance of four relatively small and comparable European countries, two of which are in the euro area (Finland and the Netherlands) ...

 

In Finland, a euro-area member that underwent a similar crisis in the 1990s, and the problem becomes clear. A comparison of Finland with fellow Scandinavian Sweden suggests that adopting the euro made no difference at all to economic performance. The correct conclusion is that selecting countries and years is simply not an acceptable way of building an argument. There may be a case against the single currency’s viability, but it has to be based on firmer ground.

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JP Morgan explains the euro crisis with lego | Felix Salmon

JP Morgan explains the euro crisis with lego | Felix Salmon | Finland | Scoop.it
This chart comes from a Michael Cembalest's research note today.
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NEWS ANALYSIS: Government partners disagree on how to decide on emergency loans in euro crisis

NEWS ANALYSIS: Government partners disagree on how to decide on emergency loans in euro crisis | Finland | Scoop.it

One more EU summit come and gone. Another programme was cobbled together to save the European economy.
One of the declarations was that the in the financial institution that is being launched next year, the European Stability Mechanism, decisions could be made with a qualified majority of 85 per cent – that is, consensus would not be needed in all cases.
In this connection, it was repeated several times that Finland’s view is different: Finland wants to keep decision-making by consensus.

But who is this “Finland”? Who represents Finland, and where is Finland’s point of view defined?

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Finland Threatens Europe Debt Crisis Rescue Fix as Cabinet Split on Policy

Finland Threatens Europe Debt Crisis Rescue Fix as Cabinet Split on Policy | Finland | Scoop.it

Splits in the Finnish government may hamper a drive from euro-area governments to ease the approval process for bailouts of struggling nations, setting up a stumbling block on the path to fixing the debt crisis.
Finland balked at a call on Dec. 9 by the other 16 euro governments for an 85 percent supermajority vote in case an emergency bailout is needed by the European Stability Mechanism, the permanent fund slated to start next year. In the case of Finland, a change away from a unanimous vote must be approved by two thirds of its parliament, since it conflicts with the constitution of the northernmost euro member.

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Government asked to cost Finnish Euro exit

Government asked to cost Finnish Euro exit | Finland | Scoop.it

The Finns’ party is asking the government to put a price on exiting the euro. The party’s parliamentary group has also demanded that Finland stops supporting heavily indebted eurozone countries in an interpellation question on the matter.
In addition to demanding an investigation into how much a Finnish exit from the common European currency would cost, party chair Timo Soini is also asking that the government explains its line before next month’s crucial summit on the issue.
Such discussions are usually held in parliament’s Grand Committee, which approves the Prime Minister’s line before such summits.

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Europe Running Out of Options to Fix Crisis, Katainen Says - BusinessWeek

Europe Running Out of Options to Fix Crisis, Katainen Says - BusinessWeek | Finland | Scoop.it
 (Bloomberg) -- Europe is running out of options to fix its debt crisis and it is now up to Italy and Greece to convince markets they can deliver the necessary austerity measures, Finnish Prime Minister Jyrki Katainen said.
 “The European Union cannot restore confidence in Greece and Italy if they don’t do it themselves,” Katainen said in an interview in Helsinki yesterday. “We can’t do anything to boost confidence in them. If there are doubts about these countries’ abilities to take sensible and correct decisions on economic policy, no one else can repair that.” ...
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Finland calls for more EU transparency to save euro - Economic Times

Finland calls for more EU transparency to save euro - Economic Times | Finland | Scoop.it

Finland on Tuesday called for fairer and more transparent decision-making by the European Union as it is battling to resolve the eurozone debt crisis and prevent the eurozone from splitting.

"I believe firmly that we can save the euro but we need more open political discussion because at the same time what we are seeing is also a crisis of democratic legitimacy," said Finland's Foreign Minister Erkki Tuomioja.

"We've been forced to take measures in the eurozone and the EU without proper consultations, proper transparency and discussion about the alternatives," he said after meeting northern European counterparts in Vilnius.

Tuomioja, who last month told Europeans to "face openly the possibility of a euro break-up", on Tuesday insisted he believed the crisis-hit 17-member single currency bloc could survive.

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Finland and Italy: Enemies, a love story?

Finland and Italy: Enemies, a love story? | Finland | Scoop.it

 

It is axiomatic that politics make strange bedfellows, but it would be hard to find stranger bedfellows than Finland, the orneriest of the eurozone’s austere north, and Italy, the biggest debtor in its troubled south.
Even before the eurozone debt crisis put the two countries on a collision course, Helsinki and Rome had their run-ins, particularly after Parma beat out a Finnish competitor to host the European Food Safety Authority – and then-prime minister Silvio Berlusconi poured salt in the wound by suggesting EU officials would prefer Parma’s famous ham to Finnish smoked reindeer...

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Yle Survey: Finns negative about bailouts and future of the euro

Yle Survey: Finns negative about bailouts and future of the euro | Finland | Scoop.it
A Yle commissioned survey shows a majority of Finns do not want the country to assume more responsibility in the debt crisis to stabilize the eurozone. A majority also believes the eurozone will fragment in the next two years.
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Finnish Finance Minister Compares Greek Situation To Cancer ...

Finnish Finance Minister Compares Greek Situation To Cancer ... | Finland | Scoop.it

Finnish finance minister Jutta Urpilainen expressed her concern on Sunday over Greece, the troubled euro state which has repeatedly failed to meet the fiscal targets set out by its international lenders.

“Greece’s situation causes uncertainty, it is like cancer. As long as its own situation is uncertain, it will spread uncertainty” Urpilainen said in a seminar speech for entrepreneurs, according to the statement from the Federation of Finnish Enterprises.

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Televised presidential debate dominated by euro crisis

Televised presidential debate dominated by euro crisis | Finland | Scoop.it

Wednesday evening’s televised debate, featuring all eight candidates in the upcoming presidential election, was seen as the launch of the serious election campaign.
The debate was aired by the commercial television network MTV3.
Helsingin Sanomat picked some of the highlights of the discussion...

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PM: Finland must have a say in bailout fund

PM: Finland must have a say in bailout fund | Finland | Scoop.it

Prime Minister Jyrki Katainen said on Tuesday that Finland would not agree to have a supermajority making important decisions in Europe's permanent bailout fund on Finland's behalf. Katainen made his statements during a parliamentary debate on an interpellation measure tabled by the Finns Party.
During the debate, a question arose whether it was possible that a supermajority would agree to increase the fund’s size and through it Finland’s financial responsibilities in the EU. Katainen responded that Finland’s position on that was clear—it was not an option Finland could accept.
He also said that Finland would not agree either to a transfer of national budget sovereignty to the EU Commission, or to eurobonds as proposed by the Commission.
However, Katainen emphasised that Finland’s place is at the heart of developments within the EU.

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Could Finland have the golden solution to Europe’s problems? (GLD)

Could Finland have the golden solution to Europe’s problems? (GLD) | Finland | Scoop.it

A few months ago, Finland asked Greece to back up its debt with gold as collateral.The proposal was shouted down at the time, but there are still analysts who think the idea has real promise as a way to save the euro from its current crisis of confidence...

Read more: http://community.nasdaq.com/News/2011-12/could-finland-have-the-golden-solution-to-europes-problems-gld.aspx?storyid=107091#ixzz1fvTHBHvj
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ECB's Liikanen: European Crisis Could Trigger Negative Spiral For Banks -Report

ECB's Liikanen: European Crisis Could Trigger Negative Spiral For Banks -Report | Finland | Scoop.it

HELSINKI (Dow Jones)--Unless the European sovereign-debt crisis gets contained it could trigger a negative spiral for banks, European Central Bank Governing Council member Erkki Liikanen said in an interview with Finnish business daily Kauppalehti published Wednesday.

"All are familiar with and aware of the problem. Measures have to be made on multiple levels," Liikanen, who is also governor of the Bank of Finland...

Report http://t.co/NViW8qP6...

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EU and euro countries' Heads of State or Government agreed on measures to tackle the economic crisis in Europe

EU and euro countries' Heads of State or Government agreed on measures to tackle the economic crisis in Europe

The EU and euro countries' Heads of State or Government met in Brussels on 26 October to discuss measures with which to stabilise the European banking sector, reform European stability mechanisms, improve debt sustainability in Greece, strengthen financial discipline in Europe and reorganise the structures of the euro area.

"I am very happy with the results. We were able to resolve all items on the agenda,” said Prime Minister Katainen who represented Finland at the meeting.

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