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| Version 1 | Version 2 |
|---|---|
| Pass notes No 3,217: Finland | Pass notes No 3,217: Finland |
| (about 1 month later) | |
| Age: As an independent entity, 95. But it has always been there. | Age: As an independent entity, 95. But it has always been there. |
| Appearance: Deformed foot dipping a toe into the Baltic Sea. | Appearance: Deformed foot dipping a toe into the Baltic Sea. |
| Finland – it's some kind of aquarium, right? Wrong. It's a country. Perhaps you're more familiar with its Finnish name – Suomi. | Finland – it's some kind of aquarium, right? Wrong. It's a country. Perhaps you're more familiar with its Finnish name – Suomi. |
| No, I'm even less familiar with that. Where is this place? It's in northern Europe, wedged between Sweden, Norway and Russia. | No, I'm even less familiar with that. Where is this place? It's in northern Europe, wedged between Sweden, Norway and Russia. |
| What's it like? It's up near the Arctic circle, has a population of 5.4 million, they drive on the right and its currency is the euro. | What's it like? It's up near the Arctic circle, has a population of 5.4 million, they drive on the right and its currency is the euro. |
| Sounds like France, but smaller and colder. And it has a triple-A stable credit rating from Moody's. | Sounds like France, but smaller and colder. And it has a triple-A stable credit rating from Moody's. |
| Well, that's hardly unique. Actually, it is. | Well, that's hardly unique. Actually, it is. |
| How so? Earlier this week Moody's downgraded Germany, Luxembourg and the Netherlands from "stable" to "negative", putting them in the same boat as Austria and France. That leaves Finland as the only triple-A eurozone country with a stable outlook. | How so? Earlier this week Moody's downgraded Germany, Luxembourg and the Netherlands from "stable" to "negative", putting them in the same boat as Austria and France. That leaves Finland as the only triple-A eurozone country with a stable outlook. |
| What's its secret? According to Moody's it has "strong buffers" against the eurozone crisis that other countries don't have, including a small, largely domestic banking system, zero net debt and a very tough approach to bailouts – Finland has insisted on receiving cash collateral for its share of Spanish bailout money. | What's its secret? According to Moody's it has "strong buffers" against the eurozone crisis that other countries don't have, including a small, largely domestic banking system, zero net debt and a very tough approach to bailouts – Finland has insisted on receiving cash collateral for its share of Spanish bailout money. |
| What does Finland say about its rating? They are cautiously pleased. Financial ministry adviser Mikko Spolander said: "We are very export-oriented and any negative developments in the euro area would affect Finland, so we can't be too complacent." | What does Finland say about its rating? They are cautiously pleased. Financial ministry adviser Mikko Spolander said: "We are very export-oriented and any negative developments in the euro area would affect Finland, so we can't be too complacent." |
| Sounds impressive, but maybe that's because I don't understand it. Is Finland quite a tight-fisted place? Not at all. It has a generous welfare state and the highest per capita income in western Europe. In a recent index of "gross national happiness", Finland came 2nd, after Denmark. | Sounds impressive, but maybe that's because I don't understand it. Is Finland quite a tight-fisted place? Not at all. It has a generous welfare state and the highest per capita income in western Europe. In a recent index of "gross national happiness", Finland came 2nd, after Denmark. |
| They're a credit to the single currency. Perhaps, but their uncompromising approach has led some financial forecasters to believe that they will be the first to leave it, even before Greece. | They're a credit to the single currency. Perhaps, but their uncompromising approach has led some financial forecasters to believe that they will be the first to leave it, even before Greece. |
| Do say: "Let's all move to Finland, land of reindeer and economic prudence." | Do say: "Let's all move to Finland, land of reindeer and economic prudence." |
| Don't say: "Why can't we just downgrade Moody's?" | Don't say: "Why can't we just downgrade Moody's?" |
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