• 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)

Don't miss...X
Left Right

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
Flash floods cause chaos in southern Sweden
A car in Malmö on Sunday. Photo: Stig-Åke Jönsson/TT

Flash floods cause chaos in southern Sweden

The Skåne region of southern Sweden was hit suddenly by extreme rains on Sunday morning, with houses flooded, buses evacuated, and people having to swim to safety from their cars. READ  

Fit-again Ibrahimovic set for PSG return
Photo: TT

Fit-again Ibrahimovic set for PSG return

Zlatan Ibrahimovic is set to make his comeback for Paris Saint-Germain against Saint-Etienne in Ligue 1 on Sunday after two weeks on the sidelines with an abdominal muscle injury. READ  

Military raises readiness level over Ukraine
Swedish soldiers in Afghanistan. File photo: Magnus Lindstedt/Armed Forces

Military raises readiness level over Ukraine

The Swedish military said Saturday it had increased intelligence gathering and called in extra staff to its headquarters over the crisis in Ukraine, as the prime minister compared Russia's current behaviour with the Cold War. READ  

Police injured in anti-Nazi protest in Stockholm
Police and demonstrators on Saturday. Photo: Fredrik Persson/TT

Police injured in anti-Nazi protest in Stockholm

Swedish police said three officers were injured Saturday as they faced a crowd of thousands protesting against a neo-Nazi rally in central Stockholm. READ  

Boy receives cancer vaccine by mistake
Photo: Hasse Holmberg/TT

Boy receives cancer vaccine by mistake

A boy scheduled to be vaccinated against mumps, measles, and rubella instead received a vaccine against cervical cancer. His family has now reported the blunder for inspection. READ  

Sweden grants additional funds to jobs agency
Photo: Bertil Enevåg Ericson/TT

Sweden grants additional funds to jobs agency

The Swedish government has announced that it will increase funding to the jobs agency (Arbetsförmedlingen) in 2015, primarily to cover personnel costs but also to prevent long-term unemployment. READ  

Police 'powerless' against street racers
Police on E4 highway. Photo: Johan Nilsson/TT

Police 'powerless' against street racers

Stockholm police said they were powerless to react when streetracers took over at "insane speeds" on a large highway on Friday night. READ  

Saab carmaker wins receivership
Photo: Björn Larsson Rosvall/TT

Saab carmaker wins receivership

After initial rejection, a Chinese-owned company set up to take over Saab's assets after the troubled Swedish carmaker's bankruptcy said on Friday it had succeeded in being placed in receivership. READ  

Woman suffers cardiac arrest while giving birth
Photo: Tomas Oneborg/TT

Woman suffers cardiac arrest while giving birth

A 30-year-old woman went into cardiac arrest while giving birth at a Stockholm clinic - without hospital staff noticing that anything was wrong. She remains in a critical condition on Friday. READ  

Champions League
History repeats for Malmö fifty years later
Striker Magnus Eriksson during Malmö's 3-0 win over Salzburg in a Champions League qualifier. Photo: Björn Lindgren/TT

History repeats for Malmö fifty years later

Malmö's entry into the Champions League serves as a reminder of times gone by in European football. With Spain's champions bound for Sweden things just couldn't be better, writes contributor Lee Roden. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Gallery
People-watching August 27
Gallery
Top ten false friends in Swedish
National
Roma advocate scoops Wallenberg prize
Society
Meet the man who made a Swedish store recall its high heels for kids
Business & Money
'How I came to run my own business in Sweden'
Blog updates

25 August

Hit och dit, här och där (The Swedish Teacher) »

" Hej igen! A common challenge for Swedish language students are the location adverbs hit/här, dit/där, hem/hemma etc. Some of the location adverbs come in two versions. We should use one type of location adverb when we use a verb describes where we are, and we should use the other type of location adverb when we the verb..." READ »

 

25 August

The Dollar Store (Blogweiser) »

"A dollar store in Sweden. Blog post: http://t.co/tNuuvcP1q0 #USD #greenbacks #sweden #sverige pic.twitter.com/RHFAYf7U1k — Joel Sherwood (@joeldsherwood) August 23, 2014 There’s a chain here in Sweden called The DollarStore. This name always stood out to me in a country where they don’t use dollars. I went there for the first time this weekend. They actually accepted greenbacks..." READ »

 
 
 
Politics
Expert explains why Sweden's election oozes uncertainty
National
City plays Schindler's List theme at Nazi rally
Society
For Stockholm Fashion Week, here's the A-Z of Swedish fashion
National
'Amnesiac' man avoids deportation for ten years
Gallery
Princess Estelle through the years
Business & Money
Swedish city all set for six-hour workday trial
Business & Money
Five golden rules for the Swedish job hunt
Sponsored Article
Graduates: Insure your income in Sweden with AEA
Gallery
People-watching August 22-24
National
Armed royal guards caught (very) drunk on the job
National
Sweden orders textbook on Roma discrimination
Gallery
Violent anti-Nazi demonstrations in Malmö
Society
A closer look at Sweden's five official minority languages
Gallery
See the destruction from the southern Sweden floods
Politics
'Sweden Democrats hold the key to elections'
Society
Swedes celebrate first day of smelly fish season
Politics
Sweden elections: How do they work?
Finest.se
Gallery
People-watching August 20th
Society
Did you know the Bronx in NYC was named after a Swede?
Sponsored Article
Find out what gives this Swedish school executive appeal
Sponsored Article
Introducing...Your finances in Stockholm
Sponsored Article
Introducing...Housing in Stockholm
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

743
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