Finland's Foreign Minister Says Country Should Have Never Joined The Euro

Tyler Durden's picture

Back in August, we brought you “One Country’s Grim Assessment Of Greece’s Future” in which we highlighted comments from Finnish Foreign Minister Timo Soini.

“Truth is the strongest force. We should admit that this isn’t going to work,” Soini said, criticizing Brussels’ decision to back a third bailout program for Athens after a summer of fraught negotiations. “I hope that the EU and euro zone, that in due course, we can face the facts and say enough is enough and that we must do something else,” he continued.

Well as it turns out, Soini thinks Finland “must do something else” when it comes to its participation in the single currency. Echoing sentiments espoused by Center Party politician Paavo Vayrynen - a former foreign minister who has pushed for Finland to exit the euro - Soini bemoans the fact that his country can’t resort to currency devaluation to boost competitiveness. 

“Debate on the subject will gather steam,” Soini said in Helsinki on Tuesday, before noting that unfortunately, a referendum on a euro exit “wouldn’t provide [short-term] solutions [because] the fact is that Finland is a member of the euro area.”

That “fact”, Soini says, is to blame for Finland’s slumping economy, which has contracted for three years running and turned in a decidedly bad Q3 in route to what may well end up being a fourth consecutive year of recession. 

"This might seem an odd record for a country whose sovereign debt still enjoys the rare accolade of a Triple-A rating, whose government debt-to-GDP ratio remains a relatively modest 62%, and which didn’t experience a banking bust," WSJ opined last month. "The simplistic answer is to blame the euro [because if] Finland had retained its own currency, it could have responded to shocks by devaluing to regain competitiveness, as it did in the aftermath of its financial crisis in the 1990s," The Journal adds. 

“Without the option of currency devaluation, the government has calculated that Finland needs to lower its labor costs as much as 15 percent to catch up with its main trade partners, Sweden and Germany,” Bloomberg writes, adding that “Finland will be the weakest EU economy by 2017, when it will grow at less than half the pace of Greece, according to the European Commission.”

Even if, as The Journal and others have suggested, Finland's economic problems stem more from a lack of free market reforms than from the country's adoption of a currency it doesn't print, Soini has other bones to pick with Europe.

“Schengen will probably not be declared dead, but it probably won’t be followed anymore,” he says, effectively writing the EU's obituary in the wake of the flood of refugees that have inundated the bloc. Although Soini has said that “terrorism and the refugee crisis should not be confused with one another [as] there is a danger that innocent people fleeing tyranny and terrorism will come under suspicion," his Finns Party isn't exactly known for its compassion towards immigrants and on that note, we'll close with one last rather ominous quote from Soini:

“If the influx of illegal asylum seekers isn’t brought under control in Greece, or in other countries, that will cause national states to take matters into their own hands."

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froze25's picture

They should already be taking matters into their own hands. If its their country they are responsible for it's citizens not Brussels. Better hope the individual countries Governments take matters into their own hands before their people do.

froze25's picture

Anyone in particular? I like the Icelandic Gov't.

DownWithYogaPants's picture

Iceland is shot through with socialists.  That would never work except for where you have all white people of the same race.  All the mongrel hoards would do is join the FSA ( Free Shit Army ) 

Dizzy Malscience's picture

I that guy might be related to one of these guys…

https://www.youtube.com/watch?v=vnuAh3esdpE

MrNosey's picture
MrNosey (not verified) froze25 Dec 22, 2015 4:19 PM

He will pay a heavy price for his treachery, because German Chancellor Angela Merkel is allegedly  ‘Hitler’s Daughter’ and does not take kindly to any public show of disloyalty......

http://beforeitsnews.com/conspiracy-theories/2015/12/the-fix-is-in-franc...

 

38BWD22's picture

 

 

I have long admired Finland for their sense of independence and judgement.  And just good common sense too.  High quality products.

Finland is also very advanced, their people are very tied into the rest of the world.

Keynesians say the darndest things's picture

Dumb by me, but I was surprised to learn they joined the EU

Mountainview's picture

Finland's growth miracle had a name : Nokia. Since the smartphone this star stoped shining and was finally sold to MSFT.---For the EURO-it's never too late to leave.

Antifaschistische's picture

Finland's Foreign Minister tells the EU....(paraphrased) if someone doesn't figure out how to take care of us we're going to have to take care of ourselves!!.     [duhhhhhh....stop threatening to take care of yourself....and DO IT]

TeaClipper's picture

If they had any sense of independence they would not have joined the United States of Europe, and if they had any sense of judgement they would most certainly never have joined the Eurozone.

You have no fucking clue what you are talking about, just spouting bullshit off the top of your head as usual

 

 

tarabel's picture

 

 

Chris Farley is their foreign minister? Who's their President? John Belushi?

Mr. Schmilkies's picture

This guy does NOT want to live down by the river.

Fidel Sarcastro's picture

Is that Meatloaf in the picture?

yogibear's picture

LOl, too late for that.

Guess Finland doesn't like it's share of EU poison.

The EU is dying.

Flooding Europe with Islamic radicals will help the EU die faster.

 

Lucky Leprachaun's picture

Which makes me wonder why the globalists actually encouraged the immivasion.

Griffin's picture

The globalists are supporting this tidal wave of immigrants and asylum seekers to create a problem that can only be solved by "more Europe", meaning more super-national power for the EU.

The people flowing into Europe are for the most part ordinary people, but inside this body of people there are dangerous individuals who are not likely to be an asset to our civilizations.

The EU intends to take over border control of member states, with or without consent of the states involved.

Its almost like the EU is destabilizing Europe

 

 

Chupacabra-322's picture

We have before us the opportunity to forge for ourselves and for future generations a New World Order. A world where the rule of law – not the law of the jungle – governs the conduct of nations. When we are successful – and we will be – we have a real chance at this New World Order, an order in which a credible United Nations can use its peacekeeping role to fulfill the promise and vision of the UN’s founders.”

- George H. W. Bush

The UN's founders were Rockefeller communists!

froze25's picture

I always thought of them as fascist but National Socialist or Communist are just two sides of the same totalitarian coin. Like our political parties, at the top anyway.

Chupacabra-322's picture

At the highest Compartmentalized levels, they're "all in on it."

lincolnsteffens's picture

Yeah, I remember that speech. He had a shit eating grin on his face when he said "New World Oder". The only problem with his statement is that they have to use the law of the jungle to get rid of the law of the jungle.

Now we are raining down terrorism to get rid of terrorism. Might be working out great for the Bush family, others not so good.

JustObserving's picture

Join the EU and you have to tow the line and impose sanctions on Russia and then Russia responds and you are screwed.  Another victim of Obama's destabilization of Ukraine:

Sanctions on Russia Hurting Finland’s Economy

http://www.highnorthnews.com/sanctions-on-russia-hurting-finlands-economy/

Urban Redneck's picture

Not quite, Chris Farley's boss voted yesterday to extend sanctions against Russia for another six months.  

Any ONE of these cretins could have said enough is enough, unfortunately Juha Sipilä, Alex Tsipras, Nicos Anastasiades, and Viktor Orbán ALL voted to continue sanctions.  The Finnish people are getting exactly the government (and economic blowback) that they voted for.

kralizec's picture

OK then, I guess it's back into the arms of the Russian bear then.

What are they gonna do?  Stay independent?  Ha!  Good one!

Lucky Leprachaun's picture

Which makes me wonder what kind of pressure was brought on Orban to vote that way. Remember he threw the money-changers out of his temple a few years ago and got away with it.

Kirk2NCC1701's picture
'Finland's Foreign Minister Says Country Should Have Never Joined The Euro'

No shit, Sherlock*!  Nor should the small Eastern European countries.

What's even worse, the new countries that joined the EU, never should have joined NATO/ZATO.  Fools!

  * Or should I say Chris Farley?

Of course, now that they've "checked in", they can check out anytime they want, but they can never leave that Roach Motel (or Hotel California).

holgerdanske's picture

Now they find out?

They are a bunch of paid clowns that work against their own people. EU is a fascist overlording soul destroying Orwelian creation.

It cannot die fast enough!

Soul Glow's picture

One ring to rule them all, one ring to find them.  

One ring to bring them all, and in the darkness bind them.

Skateboarder's picture

Truly, and as I like to post from time to time, "there is only one Lord of the Rings, and he does not share powah!!!"

My further adaptation:

"Three Rings for the QE-kings under the sky,
Seven for the EM-lords in their halls of stone,
Nine for Banksters' Men doomed to die,
One for the Dark Lord on his dark throne
In the Land of Whore-dor where the Shadows lie.
One Ring to rule them all, One Ring to find them,
One Ring to bring them all and in the darkness bind them
In the Land of Whore-dor where the Shadows lie."

;-)

Joebloinvestor's picture

Buyers regret.

Too bad there wasn't any three day "grace period" like they give when you buy a car.

QQQBall's picture

Yeah, no "lemon law" on EU membership

Kaeako's picture

This guy's been whining about the EU for the past 20 years, and about the Euro for the past 15 years. It's what gets him elected. Doesn't stop him from cooperating with a globalist party in the government. Finland has around 70% support for the Euro last time I heard, so he's just talking his book.

holgerdanske's picture

I doubt there is 70% in favour of the EU or the EURO for that matter!

Have you got any reference you care to quote??

 

 

Kaeako's picture

I'm sure you can google polls if you're interested in the topic, it's been a couple years since I studied popular opinion on the Euro within the memberstates. Who knows, maybe they're wising up.

JamaicaJim's picture

Ask and GERMAN about the Euro.

You'll learn real quick whether they possess any sort of intelligence, or are a dense FritzFrau with the brains of blood sausage.

Bananamerican's picture

Polls are "fickle things' in PC Europe

adonisdemilo's picture

Chickens coming home to roost.

Fucking stupid Europhiles, deserve everything you've got coming, and it ain't going to be nice.

cheech_wizard's picture

Yet another face of a man who apparently has never missed a meal in his lifetime.

 

riot-police's picture

Come on, he is just big boned. Or a haperactive Thyroid. It's not his fault.

Salsa Verde's picture

They'd best take matters into their own hands if they want to see their country's interests looked after.  The notion of national sovereignty is blasphemous to the Euro Fascists overseers.

123rainier's picture

No click bait? Finland has some pretty girls, instead we get that guy's ugly mug.

If i traveled over seas I would spend my $ in Iceland.

Jack Burton's picture

"That “fact”, Soini says, is to blame for Finland’s slumping economy, which has contracted for three years running and turned in a decidedly bad Q3 in route to what may well end up being a fourth consecutive year of recession."

Finland's role as one of Washington's attack dogs for the anti Russia campaign is also causing a severe dislocation to Finlands economy. Joining sanctions over an Amiercan led radical rightwing coup in Kiev, where Wahington covers it's tracks by claiming Russia caused the Ukraine crisis. By Finland putting sanctions on Russia, and taking apart the joint trade between Finalnd and Russia, plus Russian counter sanctions, Finland has lost a share of the 140 million consumer Russian market. Finland sits right next to Russia's second major metro region, St. Petersburg. A market ready to absorb consumer ggods, electronics, food, clothes, specialty foods, all things Finland can sell. Finland is a natural player on the Russian market. But to please the Washington Neo-Cons, much of the exports to Russia are now history.

At a time of slumping ecnomic growth, masses of migrants looking for social welfare handouts, and a demand from Washington to build weapons and issue threats to Russia, Finland will not gain back a natural growth market inside Russia.

Finnish farmers of all kinds have been hammered by counter sanctions put on food by Russia. If you farm in Finland, and many do, you just lost your markets, to please the Obama crowd.

cwsuisse's picture

Indeed! This is correct. Unfortunately news about the negative effects of the sanctions (instigated by Russia as a response to EU sanctions against Russia) are hardly reported in the EU mass media. I recall the news session when news speaker Kleber in the German TV slamed the Siemens CEO for his attempts to keep the communication channels to Russia open. Disgusting!

Lucky Leprachaun's picture

Very true. I have a Russian friend who says that Russians are very embittered by what they see as Finnish treachery. He claims, I don't know accurate he is, that Russia supported Finland in a number of important issues over the last decade when there was nothing in it for them.

Beats me why all the European 'leaders' unfailingly act as the Ziocons' bitch. I often think the NSA must have them all over a blackmail barrel. 

tarabel's picture

 

 

It should be kept in mind, however, that Russia stole a considerable amount of Finnish territory during the Winter War of 1939 and even more after the armistice of 1944.

So, however disappointed Russians might be, they should keep in mind that Finland owes them nothing while they owe Finland a lot.

Griffin's picture

People in Iceland are wondering why Iceland should be supporting sanctions against Russia.

http://icelandmonitor.mbl.is/news/news/2015/12/21/iceland_backs_further_...

This is costing lots of money and its not entirely certain that we are supporting the right side.

 

 

 

Bopper09's picture

Because nothing beats making your own currency shittier, just like every other country.  Soon it will be 'cool' to start chopping off their own dicks.

Oh.... right......

https://www.youtube.com/watch?v=rcYqvDI58EA