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Finland Wants Permanent Rescue Mechanism in Place Next Year

Finland wants Europe’s permanent crisis management facility to start a year earlier than first envisaged to send a “clear message” to private investors that they need to share losses, Prime Minister Jyrki Katainen said.

Implementing the European Stability Mechanism in 2012 is “suitable” for Finland, he said yesterday in a phone interview in Helsinki. “We’re ready to implement new legislation if that is the case. We have already accepted the principle of the ESM and we think that it’s only good if we get the new mechanism in place as soon as possible.”