Finland to be against ESM

Finland, one of the few European countries to have an AAA in its fanace, seems to oppose to the plans of the European Union for the creation of the European Stability Mechanism (ESM), and the option to buy government bonds in the secondary market.

The Finnish Prime Minister, Jurki Katainen, said that β€œFinland finds it an inefficient way to stabilise markets,”. Along with Finland is the Netherlands, the minister of finance of which said that β€œThe Prime Minister said on June 29 he is not in favour of buying up bonds. Using the existing instruments to buy up bonds will be expensive and can only be done if there is unanimity (between member states). That means the Netherlands would need to vote in favour.”

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