July 6, 2012
Along with the term Grexit there is another one need to be mentioned. It is the one referring to Finland and its declared expression to exit Eurozone.
In the midst of unveiling facts, conflicting policies and negotiations it is without doubt that the general atmosphere inside the Eurozone is quite dizzy. It is quite hard to predict what steps member-states should unilateraly follow in order to lower the burden assumed following their commitments in the EFSF contribution and the side effects of the contagious financial crisis.Finland is a prosperous country that has never brought up any impediment dealing with European convergence policies. A prosperous land with stong fiscal mechanisms, stable economy with stong signs of growth sustainability, production and a welfare state that keeps up with its citizens. The willingness of its political leadership to take the country outside the Eurozone is a major hit against all the unrest that single currency has provoked to member-states and definitely Finland has much more to lose if staying in the Eurozone rather than deciding to build its future outside of it.
“Fixit” is a similar term to “Grexit” the one being shown in the British media with reference to the possible exit of Greece from Eurozone in order to avoid other states being contagiously affected by the toxic run of the Greek economy. In the contrary, “Fixit” refers to the exit of Finland as an act of ast resort to protect Finnish economy from a possible and long-term downturn. So the one is pushed to leave, the other is pushed to survive.
If Finalnd decides to abandon Eurozone, this would be an thoughtful act of preserving the stability and the viability of the Nordic system, let alone the fact that Finalnd is primarily a state with strong commercial ties with Russia and China. Not with Germany or France, nor with any other Eurozone member-state. Therefore, the gains of a possible exit are outnumbering the losses of a possible stay.
Such a maneuvering was surely not falling in the predictions of EU experts as hypothetically in the basis of financial stats the only state that could benefit from exiting Eurozone would be Germany, the last far-fetched producer of Europe. Dissolving Europe with states that still constitute a shelter of stability, like Finalnd, would equally engender a domino effect as weak and overdebted states would become even weaker.
Headaches are increasing and solutions to the problem of Eurozone’s financial stability seem to decrease overtime.Dimitris Rapidis