Finnish EU Commissioner Olli Rehn is said to be following the discussions. On Friday, Rehn’s aide Amadeu Altafaj i Tardio told YLE that the talks were still wide open. According to Altafaj i Tardio discussions were taking place at the technical level. He added that although Rehn himself wasn’t directly involved in the negotiations, he continued to receive reports on their progress.
On Friday the Financial Times reported that officials were pinning their hopes on a package that would offer guarantees to all EU members footing the bill for the bailout. However the collateral would take the form of property or shareholding in Greek state-owned companies, rather than cash.
But even this proposal may not work in the interest of Greece as new and old creditors would be seen as receiving different treatment. Official sources also told the financial Times that the EU opposes the new proposal, and that backing from the European Cantral Bank and the IMF are not guaranteed.
For its part the Greece has maintained that it will not use its national assets to guarantee any loans.
On Friday Finance Minister Jutta Urpilainen hotly denied reports in the European media that Finland is backtracking on its claim for Greek collateral guarantees under pressure from the German government.
Urpilainen maintains that the negotiations should not be conducted via the media. She added that although the Finnish demands were being discussed at the operational level, Finland is not prepared to renege on its position.
