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Swedish yes to 'flexible' mechanism for banks

Swedish yes to 'flexible' mechanism for banks

Published: 07 Jun 2012 13:23 GMT+02:00
Updated: 07 Jun 2012 13:23 GMT+02:00

"It would be constructive to find a flexible way for Europe to help on the

banking side," Borg said, speaking in Copenhagen at the annual conference of

the powerful global banking lobby's Institute of International Finance (IIF).

"Otherwise that uncertainty would remain in the market," he added.

The German government reiterated Wednesday its opposition to allowing troubled eurozone banks direct access to European Union rescue funds such as the European Financial Stability Fund or the European Stability Mechanism.

Borg stressed that if the banks were allowed to receive assistance "you need to be tough ... (because) we're talking about other countries' money," which would be injected into the Spanish banks.

However, "you should be much more careful on the liability side," to avoid depleting confidence in the banks, the Swedish minister said.

Borg added that in his mind, the controversial eurozone "banking union" project should be seen as a long-term "structural reform", and that Europe needed other measures to address immediate woes.

"Don't yet lose focus on short term issues," he said, insisting that the immediate aim should be "to recapitalise and to get uncertainty down in the banking system."

Speaking at the same IIF round-table, Danish Finance Minister Bjarne Corydon cautioned that "we're nowhere near an end to the euro crisis," but stressed that the common currency bloc was basically a "sound construction."

AFP/The Local (news@thelocal.se)

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Your comments about this article

14:40 June 7, 2012 by philster61
Huh? Sweden? Flexible? hahah. Oh ....ok...Whatever
00:17 June 8, 2012 by Grokh
the same flexibility that allowed for banks to butt rape people in usa, of course why not, lets all be idiots like americans and give bankers money to gamble with no risk, because in the end of the day we will be the ones without jobs hooray
07:40 June 12, 2012 by Marc the Texan
Blah blah blah.This is just keeping up appearances. Just buying time for new currencies to be printed now.
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