Finnish elections might cause Euro to ‘panic’
Finnish elections were completed over the weekend. Three types of parties were in action, as follows: The True Finns (anti-euro) placed third collecting 19% of the votes. The ones critical of the Portuguese aid package but yet supportive of the euro (Social Democrats) assembled 19.1% and the National Coalition Party with 20.4%. As previously mentioned Finland is a one of a kind on Europe as the only country with the Parliament that votes on EU inquiries for bailout funds. Finland could vote and veto against the aid package for Portugal, which could delay provisioning in funds and 'panic' the EUR.
Negotations are hoping to be finalized in May on the Portuguese bailout.
The European currency opened up today at 1.4411, a little lower that last week's closing price. The EUR is looking bearish against Its rival currencies, EUR/USD fell from 1.4411 to 1.4375 this morning and has kept a steady pace. EUR/JPY rached 119.13 in the morning, proving weaker.
