Finland Times

 

Finance Minister Alexander Stubb. File Photo – Lehtikuva.

Finance Minister Alexander Stubb on Monday said Finland cannot agree to provide Greece with urgent financial assistance at this stage.

 

Eurozone finance ministers discussed the issue on Monday in Brussels. 

 

In the declaration, adopted by the Eurozone leaders, it is estimated that Greece’s financing requirements would currently be about seven billion euros.

 

Greece’s instalment of around 3.5 billion euros with the European Central Bank falls due on the 20th of July. 

 

In addition, the country has liabilities to the IMF, being in arrears of 1.5 billion euros.

 

Stubb said from Monday’s meeting he did not receive a mandate to promise any immediate financial assistance to Greece. 

 

“A bridging loan could be considered, but Finland does not belong to the rank of countries that might issue that kind of loan,” said Stubb.

 

The finance minister leaves the way open for Prime Minister Sipilä to see if there is any further action to be taken or a sufficient basis for supporting negotiations.

 

The position of the government will become clear once Greece declares how it intends to realise its options.  

 

The Greek government has until Wednesday to make wholesale laws through parliament. 

 

“Today we shall see in what way the Greek government is going to defend this total package to Greek citizens and to the Greek parliament.  Recently we have seen that they have turned their backs upon the European Union, amongst the slightest of conditions,” remarked Stubb, adding the outcome of the marathon negotiations have already been misinterpreted.

 

“There has been a misunderstanding from various quarters that this would automatically open up negotiations. It does not.  Greece must first prove that they are serious,” he said.