Finland, Greece sign collateral deal

Finland and Greece’s finance ministers have signed a collateral deal in Brussels on Monday, Finnish national broadcaster YLE reported.

The agreement, a condition for Finland’s participation in the new bailout package for Athens, states that leading Greek banks will provide collateral in cash and highly rated assets.

The Finnish Finance Minister Jutta Urpilainen said before travelling to Brussels for the euro group finance ministers’ meeting that the signing of the collateral deal was expected to take place on Monday afternoon. [Reuters]