Banks operating in Finland passed the new EU-wide stress test with ease, why should Finns pay for others?"All banks in Finland have passed the most recent stress test and disclosed their exposure to troubled nations. BANKS operating in Finland passed the new EU-wide stress test with ease. OP-Pohjola, Nordea and Danske, the owner of Sampo Bank, took part in the test, as well as some other institutions that work... |
As Timo Soini, Leader of the increasingly popular eurosceptic True Finns Party said because "the elites in Brussels have said that Finland must honor its commitments to its European partners, but Brussels is silent on whether national politicians should honor their commitments to their own voters".
"Regarding the banks, we need honest, serious stress tests. Stop the current politically inspired farce. Instead, have parallel assessments done by regulators and independent groups including stakeholders and academics".
"Insolvent banks and financial institutions must be shut down, purging insolvency from the system. We must restore the market principle of freedom to fail."
"If some banks are recapitalized with taxpayer money, taxpayers should get ownership stakes in return, and the entire board should be kicked out. But before any such taxpayer participation can be contemplated, it is essential to first apply big haircuts to bondholders."
"Regarding sovereign debt, the freedom to fail is again key. Significant restructuring is needed for genuine recovery. Yes, markets will punish defaulting states, but they are also quick to forgive. Current plans are destroying the real economies of Europe through elevated taxes and transfers of wealth from ordinary families to the coffers of insolvent states and banks. A restructuring that left a country's debt burden at a manageable level and encouraged a return to growth-oriented policies could lead to a swift return to international debt markets."
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@Samu Sirkka
re: "Finland joined EU and must do as the regulations tell us to do"
But the EU regulations don't tell Finland to bailout other countries. These bailouts are illegal. Article 125 of the EU Lisbon Treaty could hardly be clearer: “The Union shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of any Member State.”
re "Finland is a netpayer which means it pays more than it gets from EU" - then why don't you leave the EU? Finland is the only major net contributor in the euro zone to have held a general election since the bailouts were agreed. Every party there lost significant ground to the centrist but eurosceptic True Finns.
re: "Timo Soini is a f******g pig" - why do you resort to abuse? I guess you don't approve of his increasingly popular euroscepticism?
Timo Soini is a fu*king pig. But that's an insult for the pigs. Just saying. Finland joined EU and must do as the regulations tell us to do. Finland is a netpayer which means it pays more than it gets from EU.
EU means European Union...Finland joined the EU with knowledge and expectation that something might affect them in ways greater or lesser than other members, and that they may bear some burdens for the sake of the union.
Because it is part of the EU zone. If other countries default it won't matter how well they did in the stress test the Euro will drop in value.
