Katainen wrote he hoped Finns would not have to experience the consequences of either a break-up of the euro or leaving the currency.

If the euro were to disintegrate, Katainen said, it would lead to significant cuts in Finland’s social and welfare budget and to higher taxes.

The Prime Minister said that by writing in the paper he wanted to create belief both in European co-operation and in finding a solution to the present crisis. He called on those opposed to helping crisis-hit eurozone members to clearly state what the alternatives would mean to Finland.

Soini: Weaker economies to drop out of euro

In reaction to Katainen’s comments, leader of the Finns Party Timo Soini said fear of the eurozone breaking up was unfounded.  He added that a solution to the crisis presupposed that some weaker countries would, however, have to quit the common currency.

Soini demanded that the content and outcome of collateral negotiations with Spain be made public. He accused the government, the Prime Minister and Finance Minister Jutta Urpilainen of “hiding behind the backs of officials” on the issue.

Finland has been conducting negotiations behind closed doors with Spain over the weekend for the provision of collateral guarantees as a prerequisite for bailout loan support.

The Ministry of Finance issued a short statement on Saturday saying any deal reached would be published as soon as possible.

During earlier talks with Greece over guarantees, the ministry was accused of keeping their outcome confidential.