<P> After extensive negotiations to implement a collateral structure open to all eurozone countries, on 4 October 2011, a modified escrow collateral agreement was reached . The expectation is that only Finland will utilise it, due, in part, to a requirement to contribute initial capital to European Stability Mechanism in one instalment instead of five instalments over time . Finland, as one of the strongest AAA countries, can raise the required capital with relative ease . </P> <P> At the beginning of October, Slovakia and Netherlands were the last countries to vote on the EFSF expansion, which was the immediate issue behind the collateral discussion, with a mid-October vote . On 13 October 2011 Slovakia approved euro bailout expansion, but the government has been forced to call new elections in exchange . </P> <P> In February 2012, the four largest Greek banks agreed to provide the € 880 million in collateral to Finland to secure the second bailout programme . </P> <P> Finland's recommendation to the crisis countries is to issue asset - backed securities to cover the immediate need, a tactic successfully used in Finland's early 1990s recession, in addition to spending cuts and bad banking . </P>

Which new resign in europe was emerged as a result of economic crisis