April 18th, 2011
06:48 PM GMT
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As a rule, Finnish elections don't tend to generate much international excitement – but last night’s election victory by the eurosceptic party True Finns has turned that rule on its head.

A normally stolid member of the eurozone with billions of dollars of exposure to bailout funds and loan facilities, the new-look Finland could potentially scupper any further bailouts and plunge the euro project into a new crisis.

Here's why: Bailouts - like the EU bailout of Portugal, expected in June - require the agreement of all 17 members. And Finland, unlike its eurozone partners, has to put all requests for bailouts to a majority vote in parliament.

That’s very bad news for Portugal, which just last month became the third eurozone member to ask the EU and IMF for a bailout.

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April 18th, 2011
04:32 PM GMT
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