Bloomberg News

Germans, Dutch, Finns to Meet on Crisis Amid Collateral Spat

September 01, 2011

(Adds comments from De Jager starting in second paragraph.)

Sept. 1 (Bloomberg) -- The German, Dutch and Finnish finance ministers will meet on Sept. 6 in Berlin to discuss the euro-area debt crisis as a Finnish demand for collateral threatens to delay a second Greek bailout.

“We will discuss how to go forward with this crisis and the future,” Dutch Finance Minister Jan Kees de Jager told reporters in The Hague today. “It’s about fighting this fire, but more importantly, how do we prevent such a fire.”

Finland’s demand for collateral from Greece as a condition for contributing to a second rescue package has triggered calls for similar treatment from countries including Austria and the Netherlands. De Jager said an agreement on collateral shouldn’t take long to reach.

“I see room for a solution; there are proposals on the table to discuss,” De Jager said. “I think it will be possible to provide equal treatment for creditors without the disadvantage of the proposed deal between Finland and Greece, which is unthinkable because it uses extra money from the EFSF to provide collateral to Finland.”

The 440 billion-euro ($628 billion) European Financial Stability Facility is the euro region’s rescue fund.

--Editor: Patrick G. Henry

To contact the reporter on this story: Jurjen van de Pol in The Hague at jvandepol@bloomberg.net

To contact the editor responsible for this story: James Ludden at jludden@bloomberg.net


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