HELSINKI — A third Greek bailout won’t work and will only prolong the difficulties plaguing the euro area, according to Finnish Foreign Minister Timo Soini.
But his party, the euro-skeptic Finns, is ready to discuss another rescue package because allowing Greece to fail would only add to Europe’s costs, he said.
“Truth is the strongest force,” Soini said in an interview Saturday. “We should admit that this isn’t going to work.”
Soini shares the skepticism of Greece’s ruling Syriza party, which despite its opposition to further austerity measures, is seeking 86 billion euros in international loans to stay afloat. Greece is struggling to strike a deal with its creditors as 3.2 billion euros in debt to the European Central Bank falls due on Aug. 20. One euro is worth about $1.10.
“I kept my party in the opposition for four years because of this subject,” Soini said. “But with this government structure, we can’t block the program alone and we’d be replaced.”
While Finland drove a hard bargain during Greece’s second bailout, it may no longer have the clout to block a deal. Finland has already made its 1.44 billion-euro contribution to the permanent European Stability Mechanism. Should Europe decide that the future of the euro zone is at stake, a bailout won’t require unanimous backing from members; 85 percent is enough.