But why did Finland continue to serve its debt? It was not a mistake, but a conscious means to improve Finland’s reputation. In the 1920s, Finland had, indeed, the reputation of a bad debt payer.
I should note however, that the consultation process has dragged on for much longer than expected because of a certain reluctance of the industry to accept changes that have become standard in other jurisdictions. Clearly some sections of the industry have been intent on jealously protecting the status-quo, resisting change even when this has meant bringing us in line with international best practices.