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Posted on 08/06/2014 11:03:56 AM PDT by tcrlaf
Finland could face an economic crisis because of European Union sanctions against Russia and Helsinki will seek financial compensation from the EU if it is disproportionately hit by the measures, its prime minister said on Wednesday (6 August).
Last week, the EU imposed tough sanctions targeting Russia's banking, oil and defence sectors over Moscow's stance in the Ukraine crisis.
The West accuses Moscow of actively backing pro-Russian rebels in eastern Ukraine and blames them for downing a Malaysian airliner last month. Russia denies the charges.
Russia is Finland's third largest export market, accounting for about 10% of total Finnish sales abroad. Russian tourists also spend roughly €2 billion annually in Finland, a neutral country which shares a long border with Russia.
"This has the potential - and I stress potential - to become economic crisis 2.0," Prime Minister Alexander Stubb told reporters, adding that the indirect impact of the sanctions could be significant for Finland.
Finland is struggling to exit from two years of economic slowdown that has battered its electronics and paper industries. Some economists expect further contraction in 2014, while the finance ministry has forecast meagre growth of 0.2%.
(Excerpt) Read more at euractiv.com ...
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Oh please! Russia doesn’t build make or produce anything. Sanctions will only hurt them./s
What if Finland were to send the exports elsewhere to sell? Or perhaps put them on the market within Finland? The prices may decrease but something is better than nothing.
Plus they wouldn’t have to pay the shipping costs of sending the products to Russia.
Developing new markets takes time, and money. It also means more competition for fewer customers.
You don’t get it do you???
It’s going to be tough on Finland because of its proximity to Russia.
Did you flunk Geography as well as Economics and History???
Kiev didn't get the invasion they expected and dearly wanted so now they're going to have to give way as is the IMF who will tie future loans and payment schedules to autonomy the same way they tied it to "reasserting control" over the Southeast to get Candyman off the negotiations track.
When the US is handing Russia cash and goodies to settle this in order to keep Germany, Poland, France, and others from breaking ranks someone will spill the beans on how much the US has been behind the coup and ensuing war from day one back in 2013.
You remember 2013, it started off with demonstrations in Tunisia, Egypt, Libya, and Yemen followed by demonstrations or uprisings in Bahrain, Syria, Algeria, Iraq, Jordan, Kuwait, Morocco, even in Saudi Arabia, but only in Ukraine was the media so fixated it couldn't tear itself away from the results a year later or be bothered with how things are going in those places while Ukraine is worthy of constant concern.
“It’s going to be tough on Finland because of its proximity to Russia.”
Which is EXACTLY the point.
“Did you flunk Geography as well as Economics and History???”
No, but it is quite clear that you flunked both thinking and logic.
Stubb is not panicking. Here is the exact quote:
“Sanctions were necessary at the current juncture,” Stubb said, adding that no EU member state should suffer economically more than others because of the sanctions against Russia.
“It is without doubt clear that if sanctions hit a certain country disproportionately, that has to be compensated ... It is also clear that if sanctions hit Finland disproportionately, we will seek aid from our EU partners,” he said.
It is logical that EU should not allow Russia to enact divide and conquer by focusing their retaliation on single countries.
Russia is a petrostate with much smaller economy than EU and USA.
EU $17,371,618
USA $16,799,700
Japan $4,901,532
Canada $1,825,096
Australia $1,505,277
Russia $2,118,006
Russia is unable to push the $40T+ West around with their $2T natural resource economy if the West stays united.
You are still clueless and incorrigibly so —
Italy enters technical recession
This morning’s disappointing German factory orders highlights the underlying risks to the European economy. After a -1.6% fall in May, Germany registered a -3.2% decline in June. The headline was weak, while some of the details were not so bad, nevertheless, in the current “tit-for-tat” EU/US/RUS sanction war, the rest of us will see this as an a reason to worry about the German/Eurozone growth outlook. Data like this cannot but hurt the EUR (€1.3358).
Aside from the potential interest rate differentials, investors are beginning to price a negative impact from implementing further Russian sanctions. Not helping the EUR’s cause this morning is the unexpected negative Italian Q2 GDP number (-0.2%). Italy’s is the third largest Euro-zone economy and has now fallen back into a ‘technical’ recession. Investors should expect this to be a focus in Draghi’s Q&A tomorrow after the ECB rate announcement. Safer haven trades will continue to put pressure on German Bund yields (+1.15%) - market will be looking to test the historic low yield of last week (+1.11%).
http://www.fxstreet.com/analysis/forex-fundamental-analysis/2014/08/06/
Did it ever occur to these fools that instead of starting a trade war with Russia they could have just aided Ukraine if that was their concern and motivation?
Ukraine needs to secure its borders and get stability in their government (which Russia does not want). What they did doesn’t help Ukraine at all.
Makes me wonder what their real motivation was.
“if the West stays united.”
And that is a BIG if, considering who’s in charge, isn’t it?
Like I said, Russia is directing sanctions at the most vulnerable countries first, and they are already crying about it.
“Makes me wonder what their real motivation was.”
As I have said all along, it was never thought out that far.
The Obamunists thought that destabilizing an already unstable Ukraine would be a good way to “get back” at Putin for the Syria embarrassment.
(Consider the egos at work in Obama’s administration, and how badly Obama was embarrassed by Putin, on the world stage)
It is pretty clear that NO ONE in the White House ever considered what might happen next, or what Russia could do in response.
lol.
Ukraine was already unstable before the corrupt wannabe dictator fled and abandoned his post, good point. Russia was the one destabalizing Ukraine for the very purpose of snatching territory like the Crimea.
So what was the “west” hoping to get?
The problem is there are idiots in charge here and Europe and instead of actually helping Ukraine become stable and defend its territorial integrity we sent MRE’s and sanctioned Russian.
Such big dummies all around.
Well RashPutin, that will depend on 'who' spills it, and likely 'where' and 'when'....if it even happens. Further MSM and the like if or not they will run it.
Seems to me there's a lot of strong-arming being done, before and since Ukraine. Nations do 'pay to play'...as do we...but for the most part the US seems to be the front runner in that respect....handing out money/promises or with holding them pending on what the chips are on the table at the moment.
“So what was the “west” hoping to get?”
Lots of different agendas at work here.
-Obama wanted to “get back” at Putin,
-the Saudi’s wanted the South Stream stopped in favor of it’s own network to Southern Europe,
-Obama’s cronies wanted access to the supposed Ukrainian gas reserves (Biden and Kerry’s kids),
-the idiots in the White House wanted revenge for stopping the Syria attack,
-all aided by the Soros/Omidyar cabal, that makes money out of creating chaos.
They all failed to consider that Russia considered Ukraine to be their personal playground, and never dreamed that Vlad would act so fast, or so boldly.
As I have often said, this is Alinsky VS. Machiavelli.
There was no “crying” in Prime Minister Stubb’s statements. You’re like an exited schoolboy rejoicing for your beloved Russia’s imaginary feats of strength with your loaded words.
We have a weenie for President.
He does not like to take action therefore problems fester. Liberals are scum.
Did Obama and the EU think their idea of trade restrictions through?
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