Mr Katainen [Finnish Prime Minister] said that if Finland's bilateral agreement with Greece over collateral payments was overruled, the Nordic country could back out of the rescue programme.The problem is, as Investment Week pointed out,
He told reporters that the private collateral agreement, in which Greece agreed to give Finland €1bn (£875m) in cash in return for its suppport, was "our parliament's decision that we demand it as a condition for us joining in".
Finland had agreed a private collateral agreement, in which Greece would give €1bn (£875m) in cash in return for the Finnish parliament's support.Greece would not be able to cope with all those collaterals (any more than it can cope with her domestic economic problems) and they would have to be covered from the bail-outs. This, naturally enough, has annoyed the other eurozone countries.
This sparked demands from Austria, the Netherlands and Slovakia for similar treatment, with both the Austrians and the Dutch criticising the deal.
The Austrian Finance Minister has said "such a unilateral deal is an "intolerable suggestion and an agreement that burdens third parties" — the other eurozone countries participating in the bailout". Then she added that "she will ask the EU's 27 finance ministers to approve Austria's demand that the same terms must apply to all countries shouldering the Greek financial burden. The Netherlands, Slovenia and Slovakia have indicated they would like similar treatment." Makes sense to me.