ECONOMY

Finland receives collateral payment from Athens

Finland has received the first installment of a collateral payment for its participation in the bailout of Greece, the Finnish Foreign Ministry said on Friday.

In accordance with an agreement reached last year between the two countries, Greece paid 311 million euros of the agreed 925 million euros into a Finnish collateral account, the ministry said, adding that the issue was ?progressing as planned.?

?The collateral will be invested, as agreed, in government bonds issued by the five countries with the highest credit ratings in the euro area,? the Finance Ministry said in a separate statement.

Finland struck a collateral deal with Greece in October 2011 as a condition for taking part in the eurozone?s second Greek bailout package.

The Nordic nation was the only European Union country to seek collateral from Athens, following public reluctance to bail out countries largely perceived as having mismanaged public finances. [AFP]