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Finland could kill the Portuguese bailout by vetoing the terms of the deal in the country’s parliament, according to Reuters.Elections are to be held this Sunday, April 17, and the chances that an anti-European parliament is elected are rising. While in every other European country, decisions on bailouts are made solely by the elected government, in Finland the parliament must approve the bailout.
Thus an election resulting in parliamentary gains for parties like the the True Finns could jeopardize the bailout, and inspire similar movements around Europe.
While the surge in Greek yields may be the most alarming market move this morning, there’s the potential that Finland could soon create a similar situation in Portugal.