Wednesday, March 16, 2011

Pressures Mount in Europe Against Bailouts: Finland Says Good European Countries Need To Stop Paying For Bad Countries Sins

Opposition in Europe's few well administered and financially sound countries is rising againts fruther bailouts of the mismanaged ones. Finnish President Tarja Halonen said countries like Germany and Finland need to "stop paying for the fiscal sins of the euro region’s weakest members if the bloc is ever to have a fair system,”.

“The good girls, like Finland and Germany, they are not the payers for the future,” “European citizens expect that there will be also a fair system inside the European Union and in the euro, and that’s why we have to have quite hard discipline.”

“We are ready to protect the euro,”  “everybody has to look after their own economy and follow the rules,”
Bloomberg reports that Portugal’s debt rating was cut two steps by Moody’s Investors Service yesterday to A3 "amid a weaker economic outlook and a possible need to recapitalize its banks",.

In Finland, one of the single currency area’s six AAA rated members, anti-euro sentiment has risen "as polls indicate taxpayers in the Nordic country are tired of supporting governments that have overspent".

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