Those who actually recall the nuances of the endless Greek bailout may remember that at one point in 2010 and 2011, one of the main sticking points that threatened to derail the Greek bailout was the demand by Finland to collateralize its contribution to the Greek bailout package. Well, guess what: it's back. Kathimerini reports [4]that "Finland may sign a deal on securing collateral in exchange for its commitment to Greece’s second bailout in the “next few days,” Finance Minister Jutta Urpilainen said on Monday. A vote in parliament on Finland’s participation in the bailout could follow next week, she told reporters in Helsinki." Translation: monkey wrench was just thrown into the Greek bailout in the 11th hour as now everyone else will follow in Finland's footsteps and demand equitable treatment. And it was all going so well...
More [4]:
Euro-area finance ministers share a “very strong” common stance in their view on what Greece must do, namely act on its pledges of austerity before more aid can be released, she said.
Finland, one of four AAA-rated euro members, last year became the only nation in the currency bloc to secure extra assurances that its commitments to a second Greek rescue be repaid by insisting on collateral.
In return, Finland agreed to pay its contribution to the permanent rescue facility, the so-called European Stability Mechanism, up-front.
“I hope we could sign the collateral agreement in the next few days,” Urpilainen said. “These conditions must be fulfilled before Finland’s parliament can give a green light” to a second Greek bailout.
Good luck.