"We have to prepare for the possible collapse of the eurozone“. This is the alarm raised today by Finnish Foreign Minister, Social Democrat Erkki Tuomioja, interviewed by the British newspaper “Daily Telegraph”. Words that come on the very day when the yield on Helsinki's two-year bonds returns to positive territory, forcing the country to abandon the exclusive club of ultra-safe states, those able to earn when they refinance.
The breakup of the eurozone “is a hypothesis that no one in Finland would like to happen – continued Tuomioja -, not even the True Finns party (nationalist right, ed), not to mention the government. But we have to be ready."
The minister argues that Finland has developed “an operational plan to deal with any eventuality. There is consensus that a breakup of the eurozone would cost more in the short to medium term than continuing to manage the crisis. But a breakup does not mean the end of the European Union: it could instead allow the EU to function better”.
As for Greece, Tuomioja underlines that "we cannot force Athens to leave the area". For this very reason the Austrian Foreign Minister Michael Spindelegger, in an interview with the Kurier newspaper called for the eurozone to have a legal mechanism to expel from the euro countries that do not respect the commitments. The proposal is intended to boost market confidence in the euro area and is already supported by Germany, Luxembourg, the Netherlands and Finland.
