• Sweden edition
 
Borg: time to 'pressure' Italy and Greece

Borg: time to 'pressure' Italy and Greece

Published: 08 Sep 2011 08:14 GMT+02:00
Updated: 08 Sep 2011 08:14 GMT+02:00

"There has to be sizeable international pressure on Greece and Italy" to push through reforms to get their economies in order, he told Swedish news agency TT.

He also expressed concern about doubts surrounding the solidity of French and German banks.

He said that heavy amounts of sovereign debt carried by Europe's banks were creating uncertainty and the only way to resolve the issue was for Greece and Italy to restore confidence in their economies.

Sweden has previously expressed concerns that mounting doubts about economies such as those of Greece, Portugal, Italy and Spain will affect its small export-reliant economy.

After recovering from the global financial crisis in 2008 and 2009, Sweden has seen its economy grow to become one of the most robust in Europe.

But the Swedish central bank said earlier on Wednesday that it saw the Swedish economy weakening as a result of the world's deepening financial crisis, and held its key interest rate at 2.0 percent.

While forecasting Swedish economic growth of 4.4 percent for this year, the bank revised downwards its growth forecast for 2012 from 2.2 percent to 1.7

AFP/The Local (news@thelocal.se)

Your comments about this article

10:20 September 8, 2011 by Vstrommer71
As a Greek resident I can't say I disagree with Sweden's finance minister opinions.BUT there are some points that have to be cleared.First of all we all know that Greek economy is a holly hell.We are a country full of corrupted politicians and tax avoiders and we almost product nothing.Our economy depends on tourism despite the fact that Greece is rich in nature resources(sun,wind and water)

I understand that Mr Borg is anxious about the effects on Sweden's exporting economy and this is also the German's financial minister concern.But Mr Borg(and Mr Schäuble) please don't put your finger in Greece because you are also responsible for the situtation.Aren't German Banks making profits all of this time speculating on Greek's collapse?Do you think that by lending more money(at an insane interest) to a potentially bankrupt country will help it to survive?I'd also like to find which enlighted mind(in the IMF-EU combo) decided that you can save an economy only by cutting the salaries,increasing all the taxes and by leaving thousands of people(both from public and private sector) without job.OK we will guarantee our lenders that we will sell at a bargain price Parthenon,Ancient Olympia and some islands to pay them back...

From my point of view it would be honest from the EU part to send a new government in Greece comprising of European experts to handle the situation.I do prefer this option because this would be fair for the whole European Union to admit that there is a collective responsibility,and by pointing the black sheep is not the solution for the problem
12:09 September 8, 2011 by RobinHood
Back in 1981 I decided I didn't want to work anymore, it made me tired, so I worked half time instead. This put a dent in my economy, so I stopped paying my taxes. That gave me enough to live on, but I wanted more. I wanted what my friends with jobs had. I wanted a BMW, I wanted a plasma TV, I wanted a smart house. So I borrowed money off my rich hard working friends; lots of money. Of course they asked how I was going to pay it back, so I lied and told them I was working full time as a stock broker and owned lots of property they could have as security for the loans. I didn't really own anything. They actually believed me. I was having such a great time spending their money, in 2004 I threw my friends a hugely expensive party using the money I borrowed from them. They all had a great time and left firmly believing that anyone who could organise such an expensive party must have lots of money. I did, theirs. Of course I had to pay some of the money back, but I just borrowed more and more and used the money I borrowed from one friend to repay another. Finally I had borrowed so much, I couldn't even repay the interest and my friends became meaner and wouldn't lend me as much as before, and charged me higher interest. And then they realised what I had been doing. They were very angry and told me they would only lend me money if got a proper job, sell my BMW and plasma TV and spend less money. I told them I would do these things, but I didn't really. They gave me the money anyway. Now they are really angry and say they won't lend me any more money at all. I am very disappointed with my friends. They were foolish enough to believe my lies, so it's their fault as much as mine. Anyway, I have always been a good friend to them, and I have ten children who will grow up just like me, so they have to see me OK; right! I often get very angry with them when I am out driving my BMW or watching my plasma TV or walking my black sheep. I still don't pay any taxes.
13:13 September 8, 2011 by Vstrommer71
Νice story ,and a comfortable one for some people

It's quite relaxing for some minds to consider that if you are a careless person,living-that's what the majority thinks,but it's not entirely true-above your standards by borrowing money,hey you're the only responsible for this.And the poor,innocent people who lent you money(very gentle people indeed by lending you money at a 6% interest) are just suckers.Even if your lenders were making profits speculating your bankruptcy.

I guess you also agree that there is a mutual responsibility.It's my fought in case I am spending carelessly my borrowed money but,in the other hand,lenders also have to consider if their tactics are the right ones

Don't forget the term ''risk'' .When you risk,you might fall
14:49 September 8, 2011 by Twiceshy
For every irresponsible loan, there are two guilty parties: the borrower and the creditor.

If Swedish and especially German banks irresponsibly lent money to Greece etc., they too should suffer the consequences.
15:25 September 8, 2011 by godnatt
Dissolve the EU already. It's a joke.

Why tie your economic fate in with the bums of Southern Europe?

Or hand your sovereignty over to the professional pinko bureaucrats in Brussels?

It's insanity.
16:41 September 8, 2011 by Svensksmith
Anyone want to switch to the Euro now?
10:03 September 9, 2011 by Nemesis
@ godnatt

Your belief that Europeans should not be allowed to travel freely across Europe, your opposition to cross border trade and you need to bring Europe back to the 1800's in which war was common, lets me know your mindset.

If you don't like living in the EU, leave. You can move ot bastions of thinking as you do in countries such as Somalia, Afgnaistan or the USA.

The EU has improved millions of lives all over Europe.

@ Svensksmith

Estonia entered the Euro in January. Slovenia came into the Euro in 2009 and Slovakia in 2007. Czech Republic and Poland are slated to join about 2014-2015. The Danish currency has been fixed to the Euro for years.
02:18 September 11, 2011 by godnatt
@ nemesis

Free trade is easily accomplished without handing over sovereignty or economic security to the apparatchiks in Brussels.

Ever heard of trade agreements? Immigration agreements?

The EU has been around since the 1800's? That's news to the rest of us.

Pretty sad response. As usual.
Today's headlines
Ebola crisis
Sweden pledges new aid to UN Ebola fund
Photo: TT

Sweden pledges new aid to UN Ebola fund

Sweden has offered a new sizeable contribution to the fund set up by UN chief Ban K-moon to fight the Ebola outbreak. READ  

Society
'Dark forces' target refugee hunting scheme
Photo: Lars-Göran Thuresson/Älgriket

'Dark forces' target refugee hunting scheme

The Swedish hunting association runs a project to encourage young asylum-seekers to learn about hunting, a move which has proved controversial among some far right groups. READ  

Business & Money
American sales squeeze Ericsson profits
Ericsson CEO Hans Vestberg presents the third-quarter earnings report at the company's headquarters in Kista. Photo: Janerik Henriksson/TT

American sales squeeze Ericsson profits

Swedish telecoms equipment maker Ericsson reported a decline in net profit in the third quarter despite an increase in sales, boosted by business in emerging markets. READ  

Interview
'Too many concerts feel the same'
Sofar hosts secret gigs in Swedish apartments. Photo: Sofar

'Too many concerts feel the same'

Kattis Bjork founded Stockholm's secret gig scene - Sofar - a year ago. The Local caught up with her as she prepared to celebrate the project's anniversary this weekend and revealed the concept will spread to other Swedish cities in 2015. READ  

Stockholm 'sub hunt'
Sweden calls off suspect submarine search
Ships are returning to shore in Sweden. Photo: TT

Sweden calls off suspect submarine search

The core search for a suspected foreign vessel in Swedish waters has been called off. The armed forces said they remained convinced foreign underwater activity had taken place but had not identified an intruder. READ  

Business & Money
US and Japan fuel surge for Volvo trucks
Ed Carbaugh prepares to install parts on a truck engine on an assembly line at Volvo Trucks' powertrain manufacturing facility in Hagerstown, Maryland, March 2014. Photo: Patrick Semansky/AP

US and Japan fuel surge for Volvo trucks

Sweden's Volvo, the world's second-largest maker of trucks, said Friday it saw a spike in profits in the third quarter, boosted by thriving sales in the US and Japanese markets. READ  

Inspectors attacked at rogue doc’s surgery
Cigarettes and beer photo: Shutterstock

Inspectors attacked at rogue doc’s surgery

Inspectors who were sent to shut down a doctor’s surgery in Gothenburg were physically attacked and fled the premises to get help from the police. READ  

Police turn Swede’s vodka into water
A Swede loads a car with alcohol in northern Germany. File photo: Drago Prvulovic/TT

Police turn Swede’s vodka into water

Swedish police say they will pay a man 16,000 kronor ($2,200) in damages after much of the alcohol they confiscated from him was stolen, while many of the bottles they returned were filled with water. READ  

Diplomacy
US to get first female ambassador in Sweden
File photo: Athena Center for Leadership Studies

US to get first female ambassador in Sweden

The United States Embassy in Stockholm is set to get its first female ambassador after the White House announced it was nominating the Iranian-American ex-investment banker Azita Raji to take over from Mark Brzezinski. READ  

Neo-Nazi attacks
Neo-Nazis cleared of knife attack on Nigerian
Police intervene after neo-Nazis attack an anti-Nazi rally in Kärrtorp, December 2013. Photo: Hampus Andersson/TT

Neo-Nazis cleared of knife attack on Nigerian

A Stockholm court has cleared three neo-Nazis of stabbing a Nigerian man in an unprovoked attack. But two of the men will face jail after they were convicted of racial agitation at a riot. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Lifestyle
What's On in Sweden: October 24th - 31st
Gallery
People-watching: October 22nd
Gallery
In Pictures: Prince Carl Philip and Sofia Hellqvist
Lifestyle
Eight things to love about renting a Swedish apartment
National
Vasa ship cannon blasted in Sweden
Blog updates

24 October

Editor’s blog, October 24th (The Local Sweden) »

"Hi readers, Get ready to read our weekly digest of Swedish news in less than 60 seconds. The..." READ »

 

24 October

Is darkness weather? (Blogweiser) »

"I try very hard not to talk about the weather. This has come after a decade..." READ »

 
 
 
National
Sub hunt: Day-by-day
National
Sub hunt: Stockholm islanders share their fears with The Local
Sponsored Article
The best options for oversea transfers
National
Get 20% off unique Swedish homeware
National
Dentist gives free care to Roma beggars
Business & Money
Get your own office in Gothenburg or Stockholm - free for a day
Gallery
Property of the week: Malmö
Gallery
PHOTOS: 'Foreign activity' in Swedish waters
Gallery
People-watching: October 19th
TT
Society
QUIZ: How good is your Swedish?
Lifestyle
What's on in Sweden: October 17th - 24th
Society
The nudity... and nine other things expat men notice in Sweden
Gallery
People-watching: October 15th
Gallery
Your views: Should outdoor smoking be banned in Sweden?
Business & Money
Sweden has 'large hole' in finances
Sponsored Article
Introducing... Finding a job in Stockholm
Society
Monster salmon caught in northern Sweden
Gallery
Property of the week: Lorensberg
National
Scandinavia's child bride
National
Ebola crisis: How is Sweden preparing?
Business & Money
How Sweden is becoming a cashless society
Gallery
Stockholm Burlesque Festival 2014
National
How a little red horse became a symbol for Sweden
Gallery
People-watching: October 12th
Business & Money
The hottest start-ups from southern Sweden
National
What's on in Sweden: October 10th - 17th
National
Stockholm is 'best' region for well-being
Gallery
People-watching: October 8th
National
Five facts to know about Patrick Modiano
Society
My Swedish Career: A French fashionista in Sweden
Society
Swede's anti-bully Facebook tale goes viral
Society
Have you seen Sweden's viral subway cancer campaign?
National
Isis: Swedes linked to Turkish prisoner swap
National
Should Swedes be banned from buying sex abroad?
Gallery
Fredrik Reinfeldt's leaving presents
National
Five Swedish TV shows you shouldn't miss
Gallery
A tool belt, a casserole, and a book. Fredrik Reinfeldt's parliament gifts
TT
Lifestyle
Top five winter festivals in Sweden
TT
National
Sami reindeer herders win mine reprieve
Gallery
Property of the Week: Gamla Enskede
Sponsored Article
How to catch the first lobster of the year
Team SCA
Sponsored Article
All-female SCA team takes off on Volvo Ocean Race
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

985
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com
PSD Media
PSD Media is marketing company that offers innovative solutions for online retailers. We provide modern solutions that help increase traffic and raise conversion. Visit our site at:
http://psdmedia.se
If you want to drink, that’s your business.
If you want to stop, we can help.

Learn more about English-language Alcoholics Anonymous in Sweden. No dues. No fees. Confidentiality assured.
AA-EUROPE.ORG/SWEDEN