• Sweden edition
 
Borg: Greek budget plan could 'fall off the rails'

Borg: Greek budget plan could 'fall off the rails'

Published: 04 Oct 2011 10:48 GMT+02:00
Updated: 04 Oct 2011 10:48 GMT+02:00

"It is quite clear that there is an evident risk that the Greek programme is off track," Anders Borg told reporters as he arrived for a meeting of European Union finance ministers.

The Greek debt crisis tops the agenda at the meeting of the Economic and Financial Affairs Council (Ecofin) meeting of EU finance ministers.

"With a debt level of 160-170 of GDP there is a significant risk that it falls off the rails," Borg said of Greece's latest budget forecasts for 2011-2012.

Borg called for action to ensure that the situation is managed effectively.

"We have to rethink how we can move faster forward towards backstops and firewalls to handle the situation," he said amid fears Greece is heading towards a default that could devastate the eurozone.

He said banks may have to be recapitalised to cope with the crisis and underlined the importance of having funds available if a move of this kind would become necessary.

The day before, eurozone finance ministers put off a decision on releasing the next installment of bailout funds to Greece, saying Athens can wait until November.

TT/AFP/The Local (news@thelocal.se)

Your comments about this article

11:32 October 4, 2011 by Nemesis
A suggestion for Borg. Stop your banks playing games in Sweden and then use that example to get other countries to stop playing games.

Then tell the Greek people to actually pay tax. I know the concept of paying tax instead of getting money from other Europeans is totally alien to Greeks, but i am sure you could explain it to them.
11:42 October 4, 2011 by just a question
Hej Borg,

In this country you are doing the same, speculating with houses and playing monopoli, privatizing everything and welcoming multinationals. And still telling people what to do?

One thing is true, Greek people is paying a lot of taxes now, maybe too many. In a crisis, always poor people pay.

Do you know the European country where citizens pay more taxes in Europe? Surprise, it's Spain.
11:54 October 4, 2011 by Mib
@just a question - Sweden's property market is different from the "buy to let" speculators in Spain, UK and Ireland etc. Rental rules, hosuing association rules etc make it very difficult for anyone to speculate in the Swedish market. The housing market is of course outside these rules, but most people in Sweden live in apartments. And if you have read the press recently, property prices in general are going down, while a 15% minimum deposit rule was brought in.

This Government has not privatised much yet! They made the sensible decision to not sell while markets are so volatile and reduce getting the best price. In any event, the money generated by thee sales are to be used to reduce employers tax that they pay for each employee....which in turn means they can afford to employ more people.

The Greek Government lied to the EU and the EU did not perform due diligence on countries joining the group. Their incompetence hs now put everyone at risk. Greece's only way out previously was to devalue their currency, which is no longer availabel to them....now their people are paying the price for accepting a corrupt system....was anyone complaining when things appeared good in Greece? Not many I presume!

You say Sweden has been specualting......but its the German an French banks that have speculated on Greece and will lose heavily as a result.
12:09 October 4, 2011 by just a question
Like if the rest of European governments and banks didn't know from the beginning that they were lending money to corrupted countries. The problem is that then everybody was making business, everybody ignored corruption. How many formal complains of citizens about town plannings are acumulated in the courts of Brussels? But that was not interesting, banks were busy making money from politicians of corrupted countries and from debt. So who pay now? not the politicians or banks of course, but the citizens.
12:20 October 4, 2011 by skumdum
@Mib

Most people in Sweden do not live in apartments. That's not true. A majority of the people live in houses.
14:47 October 4, 2011 by Great Scott
@skumdum

"Most people in Sweden do not live in apartments."

Then that must = most people live in houses!

"That's not true."

Then that must = most people live in apartments.

So how do the majority of the people live in houses?
18:14 October 4, 2011 by just a question
The EU was impossed by the governments in some countries without votations whatsoever. Why should we pay for the stupidity of our politicians?

I'm talking about taxes and indirect taxes. If you count that, you will have a surprise. And I'm not taking my data from any Al-Obam, I'm Catholic.
19:16 October 4, 2011 by ?????
I hope that most of you know that the money that Greece gets is a LOAN and not a free gift, meaning that Greece will have to pay them back with interest! that said, I don't think that there's someone so naive to believe that goverments and banks that were lending money to Greece didn't have an idea of the corruption there. Secret services even know who's gonna be the president of Greece in 10 years from now. They just used this corruption to sell their technology, defence systems or whatever they could. Now that Greece is gonna be bankrupt let's see what the banks will say about Ireland, Spain, Italy, etc who will be next.
22:02 October 4, 2011 by Imperor
Marilyn: The maximum tax, which is only paid on the portion of the wage exceeding the limit, not the entire wage, says nothing about the total taxes. On top of that you have to account for sales taxes and so on.

The main problem is that they are trying to solve a crisis by doing more of the things that brought it on in the first place! Saving has NEVER strengthened an economy, spending is always what it comes down to!
14:00 October 5, 2011 by Marc the Texan
MARILYNVOSSAVANT, your comments read like they were posted by THE Marilyn vos Savant.
Today's headlines
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  

Julian Assange
Assange court ruling expected on Monday
Julian Assange at Ecuador's embassy in the UK. Photo: Anthony Devlin

Assange court ruling expected on Monday

WikiLeaks founder Julian Assange can expect the next court ruling on his case to take place on Monday October 27th in Stockholm. READ  

Politics
Sweden to get EU 'Christmas present'
Sweden's Prime Minister Stefan Löfven at an EU summit in Brussels this week. Photo: TT

Sweden to get EU 'Christmas present'

Sweden is set to get 1.2 billion kronor ($168 million) back from the EU on December 1st, according to leaked EU documents which suggest that other European countries will have to make large top-up payments this year. 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

991
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