Authored by Bill Blain via MorningPorridge.com,
“Finland, Finland, Finland, it’s a great place to be…”
The Finns are revolting. They are good Europeans, but the Frugal Four just became Five. Their parliament has apparently rejected the EU’s 750 bln Coronavirus Next Generation Recovery Fund proposals – in its current form. The Finns say they are willing to talk, but want something that is largely loans, much shorter in duration, and much much smaller.
The Finns are unique among the Axis powers from the last European Unpleasantness – they paid their debts after finding themselves on the losing side, and their economy wasn’t rebuilt and bailed out through the Marshall plan. They aren’t convinced they should be paying for the woes of Southern Europe. One comment this morning summed up a growing Eurosceptic thread: “We don’t have the Mafia, we pay our debts, and our bridges don’t fall down.”
As the song about Finland says; “You’re so sadly neglected, and often ignored. A poor second to Belgium when going abroad.” Finland is certainly not foremost in the minds of the Brussels Eurocratocracy.
But unhappy Finns (you will know because they will be smiling – Finns are generally happy when they have something to be unhappy about), are just one problem for the EU this morning. ECB President Christine Lagarde is juggling a lot of balls in the air after Europe’s Central Bank announced yet another few hundred billion of QE Infinity to stem the crisis, juice inflation and pull Europe together.
Yet, the ECB is doing essentially what its been doing ever since Mario Draghi set “whatever...