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Meanwhile In Europe, True Finns Just Say No To Greek Bailout
While the world is caught up in a wave of largely irrelevant for the capital markets euphoria, things in Europe are once again going from bad to worse, as the weakest link in the European rescue has once again said no. Reuters reports: "Finland's eurosceptic True Finns party said on Monday it was sticking to its pre-election stance that it cannot support Portugal's bailout package. We cannot with good conscience support Portugal's package nor the creation of permanent bailout mechanism. Neither do we approve the hike of Finland's guarantees in the temporary stability mechanism," the party said on Monday as its formal answer to Jyrki Katainen, the leader of National Coalition party, who is leading the talks to form the country's new coalition government." As has been reported previously, absent Finnish approval, the European rescue is virtually halted in its tracks, and means that there is no consensual green light for the EFSF rescue package. Additionally, as Europe has been kind enough to indicate in the past, "there is no Plan B." And to make things very clear, Finnish MP Soini that Greece is likely to restructure its debt and other will follow, but not under the ESM: "it is a structure that doesn't work." Needless to say the implications of a failed compromise on the bailout of not only Greece, but not Ireland and Portugal as well, means that should Finland retain its intransigence, the eurozone is pretty much over.
More from the largest Finnish daily economic newspaper :
True Finns can not support the EU's rescue packages for Portugal, or the creation ofpermanent stabilization mechanism for the euro area.
It writes the lot in an e-mail message to the Conservative Party chairman Jyrki Katainen,who leads the government negotiations after the Finnish parliamentary election,according to Bloomberg News.
"Unfortunately we do not believe that the steps taken thus far are sustainable orequitable. Attempts to alleviate the crisis with these measures has been going on foryears and the successes have not been great, we stand on the brink of the abyss, "theTrue Finns in the statement.
The party says that any further step transferring more risks and losses to taxpayers inFinland and other countries.
"We can not in good conscience support the (rescue package to) Portugal, or the creation of a permanent stability mechanism. Nor do we support an increase inFinland's commitment to European financial stability of the facility, "the party of the message.
So in order to prevent a critical failure of game theory, we expect the ECB to provide some major concessions to all possible holdouts. The only problem is that Finland doesn't really need any. And yet with the great EURopean experiment on the rock, the EURUSD is trading at near multi year highs of 1.485?
h/t Alexis
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Meanwhile, EUR/USD rushes to new highs.
The french army has been ordered to occupy Finland.
The following is a public service message.
We regret to inform you that the second American Revolution has been canceled due to rain and lack of interest. Come out of your bunkers now. It is all over.
Do i at least get a rain check?
You go, Finns!
Great. Now I'm going to have to use PM funds to buy a Finnish flag and an Iceland flag for the pole. Thank heavens its a 25'er.
"...that should Finland retain its intransigence, the eurozone is pretty much over."
Great! and good ridence to a union not wanted by most of the people of Europe. This is an empire building exercise gone wrong. Napolean and Hitler both tried and failed already... Go Finland !!!!!!!
There you go. Sauna and some vodka always clears the mind.
I thought Fins cleaned their minds with self inflicted shotgun blasts?
Yes, they may be suicidal but why let that spoil a good euro...
True Finns may be a lot of things I disagree with, but this anti-bankster stuff? They are my heroes if they can stick to it. Someone give them Iceland's phone number.
Enjoy it while it lasts...
IMF and the financial terrorists will tweak some nobs and you will see Finland drop like a stone on the map of sovereign countries... just you wait.
Like the poster above says..Give them Icelands #..They are now doing great..
they could offer them portugal...
Everyday that Europe holds the Euro-area together makes the inevitable collapse all the worst. It is growing close.
Patience... perhaps the dead cat bounce needs to give a little more pain to shorts until 1.49s.
After that, maybe a quick swoop higher to 1.50s for all the early shorters to get knocked out as well, and then finally the epic unwind to new lows can commence.
The people running should have switched their platform to "Bailouts Until We're Rich."
JYTKY! http://www.youtube.com/watch?v=IT06siITu0Q
Well, and from JYTKY to "finnish illuminati"
http://www.youtube.com/watch?v=cll4qKCIdKM&feature=related (Only some texts in finnish, rest of the video in english)
Welcome to the finland..
http://www.youtube.com/watch?v=cn0rFO2x828
http://www.youtube.com/watch?v=vPZf_TwB884
this is FINLAND - things you should and shouldn't know
http://finland.fi/public/
The EU is Finnish'd.
...don't think these boys are Finnish but, they are close enough to fit the bill for this PIIGS. http://www.youtube.com/watch?v=oc1sgCT7X2c
Uh, yeah, tower. We're going to be in the Hudson.
I wonder if this means that the EU will declare the Finnish election results fraudulent & send in some French 'peacekeepers' & some British Tornadoes to bomb the usurpers out of their bunker, then install some yes man who used to be in the employ of the IMF?
I agree that the IMF is going to be having some late night visits with some of the holdouts. The banksters always seem to be able to convince the front men that it is in their best personal interests to play ball.
That being said, I sure hope that the finns hold the line on this one so the EU gets dismantled.
They are sure going to be having a hard time figuring out how to unbake this cake if the EU dissolves though. Sure would be fun to watch from a distance.
The freakin Euro was CREATED with part of the treaty that they would NOT have bailouts and that if you were going to hitch the prudent nordic countries to the likes of the fuckin portuguese and greeks that the latter would be forced to exercise budget and fiscal restraint.
now it turns out that the wall street wizards merely executed swaps out the yin yang to get budgets under the cap for at most a few years and now all that shit is coming undone and the countries are bankrupt.
You know you have been in Finland too long when:
You no longer look at sports pants as casual wear, but recognize them as almost formal wear.
A Finn's comment:
Almost??
It would seem the True Finns have something that most congresscritters in Washington lack....backbone. Ah if only our "elected" representatives were as responsive to the needs of our country and our "debt ceiling"
More from Finland in comics!! (Text in english.)
http://www.riemurasia.net/jylppy/media.php?id=80584&c=5
hell yea matey this funny as hell. me laugh um big kimosabe!!!
the shitstorm is fantastic from the JUSA
Your source here is Dagens Industri (Today's Industry), which is a Swedish paper, not a Finnish one.
Financial levitation continues with EURUSD @1.4848, however, with all of the extensive global imbalances currently that some 'event' doesn't tip the global economy over - MENA, China, USD, Yen, EUR, Commodities - IMHO, it is hard to conceive of a scenario that allows for the continuation of unprecedented 'financialization' gains through the balance of 2011 - however, I would welcome ANY ideas/scenarios from ZHers on how 2011 plays out -
shit between Floods, Tornados, Fukishima, BP and EarthQuakes, you better plan on cancelling Christmas this year.
PIIGS finances are pristine compared to the US. No wonder Euro is rising against dollar.
Two old hookers arguing about which one is bottom bitch.
Thank you and have a lovely day maties in Finland. Oh you guys brought Linux to Slay Dragon Head Willy Gates didn't you? Well gooooooooolly sargent, what a bunch of cool hombres y senoritas!!!!
Iceland Vikings began the whole deal of telling the banksta's to pound sand up um a**es. Fins are a proud Viking mates of Iceland!
This whole mess is brought on us by the Queen of England and her sock puppet Lord Rothschild. Queen is biggest land owner in world, more than Russia even.
See book Committee of 300 Shows 300 Lords and Queenie run the world and control the central banks at an Excellent Irish Dude's site: Dr. Coleman: www.coleman300.com and buy his book.
Good for the True Finns. Truly reasonable!
I guess the Finns who actually work for a living, do not want to work five more hours a week....have their pensions cut 20%.....see falling std of living ...just so they can bail out the Banker Bondholders of other EU countries.
How dare they?
They are the "True Finns!"
BOOOYAAH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!