The acceptance of the collateral deal with Spain by the government clears the way for the agreement to be presented to the Parliament for debate.

Speaking to journalists following the government session, Prime Minister Jyrki Katainen reiterated that Finland is strongly committed to the euro. He said that in addition to the Spanish bailout package, he hoped Parliament would have a comprehensive debate on the future of  the EU and the euro.

“This would be an excellent opportunity to discuss the Spanish rescue package, the EU and the future of the euro area and the current economic situation, so that we all understand where we are going and especially where we should go,” Katainen declared.

Katainen said the collateral agreement inked with Spain is similar to the agreement struck with Greece last year, as it made sense to follow a tried and tested method.

The Prime Minister said he does not believe that Finland’s demand for collateral has weakened its international standing. He stressed that other countries had always been aware of the Finnish position on collateral.

He also lauded deal -- which would grant Finland collateral to the tune of 40 percent of its total contribution to the bailout package -- as a good accomplishment. However he told Yle that the eurozone still faces dangerous times.

“It’s actually the same as it has been for months, so we are all very much concerned about the economic situation, where it will take us and what kinds of risks it holds for ordinary citizens and of course for member states. The situation is worrying, but on the other hand, much has been done to manage it, although we have not yet solved the economic problem,” Katainen said.

The agreement will be debated in a special plenary session of Parliament Thursday, while a possible vote will take place Friday.