First there was Greece (Grexit), who looked long and hard at leaving the Eurozone during last year’s financial crisis. And that discontent is being followed up now in Britain (Brexit), who is expected to propose a referendum to have a vote on whether to stay or leave the union sometime in 2017.
And with Mario Draghi and the European Central Bank (ECB) taking interest rates down to zero on Thursday, and in some parts of the lending facility below that into negative territory, one Northern European member is taking a long look at whether to leave the Euro currency following a public petition that has now moved the idea into their legislature to debate on the issue.
The parliament in Finland will debate in the coming weeks whether the country should withdraw from the European single currency, according to an official cited by Reuters.The debate follows a citizen petition signed by more than the required 50,000 Finns. A date for the debate in parliament has not been set.The debate will unlikely lead to Finland exiting the eurozone, the agency said, but the number of signatures shows strong public disapproval of the country’s economic performance. - Russia Today
Finland is currently in the midst of a deflationary downturn that is leading them to discuss several financial measures to try to stimulate their economy. Back in December, the legislature began making proposals to give direct payments to their citizens in the amount of 800 euros since industrial slowdowns and the inability to trade with Russia because of sanctions have devastated the Finnish economy.
Despite the ‘bazooka’ launched on Thursday by ECB head Mario Draghi, the problems affecting Eurozone nations go far beyond the need for simply more stimulus and central bank intervention. And perhaps like in the United States, where the American people are rebelling against the same status quo and oligarchical establishments that are just as prevalent in the Eurozone, Finland is but one of many European states that are questioning the ability of the EU coalition to be able to protect and sustain each individual member seven years after a financial collapse that still has yet to be recovered from.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com,Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.
