EU commissioner: Rescue for Portugal is only possible with Finland's support

08:52, April 27, 2011      

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European Economic and Monetary Affairs Commissioner Olli Rehn said on Tuesday in an interview with Finnish Broadcasting Company that a rescue for Portugal is only possible with Finland's support.

No other options are in sight, Rehn added.

After Finland's parliamentary election held on April 17, in which the euro-sceptic True Finns Party emerged as the big winner, fears raised that Finland could derail a bailout for Portugal. There has been discussion about the EU potentially preparing a support package for Portugal that did not include Finland.

According to Rehn, however, the EU is preparing no such alternative package.

Rehn stressed that the European bailout fund for Portugal requires unanimity. Portugal could go bankrupt if no unanimous decision is made on its rescue.

"If we want to prevent Portugal's bankruptcy, we need a unanimous decision that the European bailout fund can be used to rescue Portugal. Unanimity means also Finland's participation," he said.

Rehn pointed out that investor responsibility, demanded by some Finnish political parties, will be included in the European stability mechanism, which will start operating in 2013 and is now in its final stages of preparation.

"It is morally right and financially sound to implement investor responsibility. In this sort of a crisis situation, when we are still facing the danger of it spreading and a chain reaction occurring through the bank sector, there is no reason to reach there."

Source: Xinhua
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