I’m a big supporter of market economies, let’s start off with that. In general I believe, when given enough freedom and control, markets will choose the best alternatives for all of us. I’m also a big supporter of the Euro and believe we should embrace its stability a little beyond our regular responsibilities every now and then, if it is needed.

Therefore, I do agree we should take necessary steps to ensure Greece is able to pull its self out of debt and ensure financial, and thus social stability. The IMF and EU syndicated loans are probably the best choice out there. This however is, where my understanding for the issue ends.

I read the Finnish Finance Ministry’s proposal (in Finnish) for the money we need to allocate for the Greek loan. It’s a whopping 1.6 billion euros. It’s a lot of money for us Finns, about 300 euros roughly per each and every one. The size isn’t the problem here – in my opinion it should be looked at from the business as well as the political perspective.

The political perspective is fine – we need to agree on it to stabilise the Euro zone. However, the business side of it has not even been thought of. I’m glad there’s a 2.5 %-point margin on the money we loan and lend onwards to Greece, but it doesn’t justify giving the loan without any collateral what-so-ever. You heard me right, there is no collateral for the loan. This is said loud and clear in the Ministry’s proposal.

I’m not supporting the fact that our politicians aren’t able to demand better terms for the loans when a whole nation digs deep into our pockets. It’s not about anything else than proper business sense. No wonder the Euro zone is constantly trailing the US in economic growth. Our politicians are unable to think in proper business terms.

I mean let’s look at it from another point of view; how are we able to negotiate with Greece if they miss to meet their spending cut -targets? Ask them nicely and not give anymore money? Doesn’t really matter, they’ve received the money we’ve already given them and they can always resort to pulling out of the Euro and going back to a hugely devalued Drakhma. And we? Without any collateral, we citizens are left with nothing.