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Re: Baltic union: There will be a Baltic union even if the EU blows up. The Baltic Rim wants such a union because they are scared of the Large Neighbour to the East, and Germany wants one to consolidate its sphere of interest in the East. You will notice that for all the German whining about giving money to Southern Europe, nobody is commenting on the ongoing meltdown in East.

Re: Scandinavian exposure to Mediterranean debts: That's correct. The Scandinavian exposure is to Baltic debts. Which are not that much better, but much less talked about.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Sep 1st, 2011 at 03:16:36 AM EST
[ Parent ]
The Baltics are small, but so are the Scandinavians. So, in relative terms, it might be a big problem.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Sep 1st, 2011 at 04:12:42 AM EST
[ Parent ]
Greece and Ireland are also small. That did not prevent Deutche and SG from becoming insolvent due to exposure to them.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Sep 1st, 2011 at 04:49:26 AM EST
[ Parent ]
A Baltic Union without Russia brings-up all kinds of problems.  They are already touchy about Kaliningrad and St. Petersburg and if there is anything a Baltic Union doesn't want is to up Russian paranoia.

Do you have the figures for Sweden, Finland, et. al., debt exposure to the southern Baltic countries at hand?


She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Thu Sep 1st, 2011 at 12:07:54 PM EST
[ Parent ]
I can't see why it should cause issues with Russia - all these countries are already in the EU, so a Baltic cooperation under the EU umbrella cannot reasonably be viewed as a provocation.

And no, my feeling about bank exposures is based on anecdata from ET coverage of the Estonian crisis and the role of major Swedish banks.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Sep 1st, 2011 at 04:16:17 PM EST
[ Parent ]
No figures, but it is well known that Swedish banks gambled large in the Baltics and Borg - minister of finance - has said something about the public not knowning how close we were to a banking crisis. I at least read that as an admission that Latvia is suffering under IMF rule to make sure Swedish banks do not collapse.

Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se
by A swedish kind of death on Fri Sep 2nd, 2011 at 02:52:08 PM EST
[ Parent ]

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