Finland Lawmakers Still Split on Portugal Bailout

Finnish lawmakers failed Tuesday to reach a clear all-party majority on whether to support the country's participation in a bailout of Portugal, The Wall Street Journal reported. Lawmakers had discussed the country's participation in the bailout within their own parties, ahead of a scheduled decision in the Grand Committee of the Finnish parliament on Wednesday. The Grand Committee decides parliament's position on EU legislation and the decisions by its 25 members are politically binding. In total, 12 lawmakers of the 25-seat Grand Committee are expected to support bailing out Portugal, with six conditional votes, four clearly opposing a bailout, and with one party not disclosing its stand. The Left Alliance and the Christian Democrats (each with one seat) had not yet announced their decisions on Tuesday. Based on the support, Finland's interim government will prepare a proposal to the Grand Committee Wednesday morning, prior to the Grand Committee meeting in the afternoon. The Grand Committee will Wednesday discuss whether there's enough support from the parties for Finland to back bailing out Portugal, or not. However, a final decision may not be reached until Friday. Portugal said last week it had agreed a three-year, €78 billion bailout program with the European Union and the International Monetary Fund to help its ailing economy. But the deal has to be supported unanimously by all euro-zone governments. Finland is the only euro-zone country that needs parliamentary approval before agreeing to any further guarantees for the European Financial Stability Facility and the planned European Stability Mechanism. Read more. (Subscription required.)