Tuesday, July 27, 2010

Greeces woes frightened countries in to action: Finland

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HELSINKI (Reuters) - Greece"s monetary problems have frightened alternative supervision in to receiving movement to make firm their finances, and any speak of a "chain reaction" inspiring alternative countries should be avoided, Finland pronounced on Saturday.

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"Greece has been such a tough lesson," Finnish Finance Minister Jyrki Katainen told inhabitant broadcaster YLE in an interview. "It has frightened made at home preference makers in to receiving ... extensive actions."

Concern over Athens" capability to pay off the debt has jarred certainty in the euro and stirred European Union leaders to oath they will take concurrent action, if needed, to safety the fortitude of the singular currency.

The Greek supervision has pronounced it plans to condense the open necessity from 12.7 percent of sum made at home product to less than 3 percent by 2012.

Katainen pronounced it was critical not to couple the problems in Greece with alternative European countries.

"There has been a conform in new days to contend that Spain, Portugal and Italy are subsequent in line since they are southern European countries and they have mercantile worries," Katainen said.

"It is really dangerous to link, around rumors, these countries, who by their own actions can really well get their economies in to shape," he said. "This conjecture ... has to be avoided."

On Spain, Katainen said: "The marketplace believes that Spain can redeem when it takes extensive actions, large bill cuts, and I hold that this is still possible."

(Reporting by Brett Young)

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