In what is horrible news for Portugal’s hopes of a euro bailout, today’s Finnish election results are in, with the True Finn party gaining 34 seats. (For those unfamiliar with Finland’s political landscape, imagine The Tea Party becoming the major party in Congress in 2012). The True Finn’s are hell bent on stopping a Portugal bailout. Conventional wisdom would expect a sharp correction in the euro and a spike in the dollar, but we believe the dollar will continue rolling over, with safe haven euro flows moving directly into gold and silver.
From Business Insider
They were expected to do well in the rural areas, which has long been the party’s base. But as the graphs show, they did well everywhere. They even polled pretty well in Helsinki, historically their weakest voting district.
Here’s the final tabulated national vote:
|%||Change P-07||Change M-08||Change P-07||Change M-08||Change|
|Center Party of Finland||15,8||-7,3||-4,3||463160||-177268||-50040||35||-16|
|National Coalition Party||20,4||-1,9||-3,1||598369||-18472||-779||44||-6|
|Social Democratic Party of Finland||19,1||-2,3||-2,1||561049||-33145||+18927||42||-3|
|Christian Democrats in Finland||4,0||-0,9||-0,2||118514||-16276||+11678||6||-1|
|Swedish People’s Party in Finland||4,3||-0,3||-0,4||125865||-655||+5639||9||0|
The story here, obviously, is that the True Finns gained almost as many votes in this election (as compared to 2007), as the governing coalition partner Center Party got. The Center Party will no longer be in the governing coalition. The True Finns will almost certainly be asked to help form a new government. The question is: on what terms would they agree to do so?
We don’t really know enough about Finnish politics to answer that question. What we do know is that the rise of the right in European politics is gathering strength and breadth.