Finland will find a Greek collateral model that respects the priority creditor status of the International Monetary Fund and honors existing bondholder claims, Prime Minister Jyrki Katainen said.
Ã¢â‚¬Å“We have to find a solution that is suitable for everybody, for other European Union countries, for Finland and for other creditors,Ã¢â‚¬Â he said at a press briefing in Helsinki yesterday.
Katainen is struggling to piece together a deal that satisfies Finnish voter demands for extra assurances their bailout contributions will be repaid as international opposition to such arrangements mounts. EuropeÃ¢â‚¬â„¢s failure to find a solution puts the Ã¢â‚¬Å“credibility of the euro area and each of its member states at stake,Ã¢â‚¬Â European Union President Herman Van Rompuy said, after a meeting with Katainen in the Finnish capital yesterday.
Ã¢â‚¬Å“The task is not easy, but without solving all the challenges, we canÃ¢â‚¬â„¢t achieve the final outcome,Ã¢â‚¬Â Katainen said. Ã¢â‚¬Å“So now weÃ¢â‚¬â„¢re working.Ã¢â‚¬Â
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