April 18, 2011
According to the Greeks, nothing happened. But as markets feel they have been misled by Greece in the past, it is no surprise that they largely ignored its denial that it had asked for its debt to be restructured. Greece’s cause was not helped by revelations of a German contingency plan to cope with a default.
For eurozone unity, the latest utterances of the d-word come at a bad time. Last Sunday’s Finnish election saw anti-euro party True Finns vacuum up 19 per cent of the vote, almost five times the support they mustered in 2007. It may well not form part of the next coalition government, but if it does, its anti-bail out policies could see Finland withdraw from the European financial stability facility’s €80bn bail-out of Portugal – a lifeline that requires unanimous eurozone support.
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