Finland 'frustrated' with Greek bailout setback: minister

(HELSINKI) - Finnish EU Affairs Minister Alexander Stubb expressed frustration Friday with Greece's failure to quickly push through biting austerity measures to secure a second massive bailout package.

At 130 billion euros ($171.5 billion), the second Greek rescue package is more than the European Union's annual budget, which is around 125 billion euros, Stubb pointed out.

"It shows you the scale and that's why the rest of us who have taken care of our own public finances are moderately frustrated with the fact that things are not moving forward," Stubb told reporters following a meeting with EU Budget Commissioner Janusz Lewandowski in Helsinki.

"The (time) is running out and now we want to see some serious implementation (of the austerity measures)," Stubb added.

Lewandowski, who was in Helsinki to push the commission's spending proposals for the seven-year period from 2014 to 2020, acknowledged that "everything is in the shadow of crisis.

"With the additional package (for Greece) worth more than the annual budget of the European Union, this is of course a problem," he said, pointing out that from a taxpayer point of view, the bailout money might be better spent on future budgets investing in the future of all of Europe.

The commission's draft budget has already hit trouble from countries such as Britain and Finland has proposed a 100-billion-euro cut in planned spending, "in line with tight national budgets and demands for strengthened discipline."

Eurozone finance ministers put off a decision Thursday on a new bailout to save Greece from bankruptcy, giving Athens less than a week to meet three conditions in return for 130 billion euros in aid.

Eurozone ministers want the Greek parliament to approve the austerity measures agreed by the political parties when it convenes on Sunday.

They have also called for additional structural spending cuts of 325 million euros for 2012 and a written pledge from leaders of the coalition government that they will implement austerity measures.

The eurozone will hold a new meeting Wednesday if all conditions are met.