• Sweden edition
Swedish bank predicts Greek eurozone exit

Swedish bank predicts Greek eurozone exit

Published: 15 Jun 2012 15:33 GMT+02:00
Updated: 15 Jun 2012 15:33 GMT+02:00

The bank also said it would not be surprised if there will be new rules issued to stem uncontrolled capital flows.

Despite these predictions the bank also said that the focus on Greece is somewhat exaggerated. Governments, central banks and other agents are, according to SEB, ready to handle a controlled Greek exit.

However, Swedish minister for finance, Anders Borg, expressed his continuing concerned about Sunday’s election in Greece and what consequences the outcome will have.

"In a best case scenario we will have a very serious situation come Monday," said Borg to news agency TT.

He was unwilling to answer what the worst case scenario would entail. However, he said that the situation is unlikely to be settled by Monday.

”This is a process which will drag out for months. If this results in Greece being out of funds or if they choose to make decisions regarding their relationship to the euro, remains to be seen,” Borg said.

The repercussions of the Greek crisis on other European economies are hard to predict, according to Borg.

“We will, together with the Riksbank, the National Debt Office (Riksgäldskontoret) and the Financial Supervisory Authority (Finansinspektionen), follow these developments very closely. But we don’t judge it will necessarily have serious consequences for the entire European economy, for the world economy or for Sweden,” said Borg to TT.

TT/The Local/rm


The Local (news@thelocal.se)

Don't miss...X
Left Right

Your comments about this article

16:57 June 15, 2012 by Abe L
The sooner they exit the better. Any efforts to keep them within the Eurozone would just be postponing the inevitable and would just keep harming the EU over a longer period of time. Kick them out, suck up the blow and move on and be much more critical next time someone applies for Euro membership.
23:51 June 15, 2012 by HelmiVainikka
It's better to make a painful break than draw out the agony.
10:50 June 16, 2012 by Marc the Texan
It's too late now. Everyone will be exiting the Euro.
13:03 June 16, 2012 by riose
@Marc the Texan

Or they will start pinting notes, like UK did, devaluating their currency a 30% in one year.

21:46 June 16, 2012 by B Slick
The exit of Greece from the eurozone would be a boost for the euro money and that just what the euro needs right now at this time. The eurozone should only be for countries that can control their finances, its just that simple. The eurozone and the euro money should be about quality NOT quantity!
18:48 June 17, 2012 by towns
Even if SYRIZA becomes the largest party in the Greek parliament tonight, they'll fall short of a majority, meaning they have to form a coalition. No other major party supports the "leave the Euro" platform, therefore if they want to form a successful coalition they'll have to compromise. The only way they can do this is to stay in the eurozone and attempt to "renegotiate" the conditions of their bailout with the other eurozone nations. I can guarantee that Finland and very likely Germany won't agree to "renegotiate" so the Greeks are going to be back to where they started all over again. This is all going to be "all blow and no show" and will just keep the Greek economy in recession (more like depression by this point) for another few years, unfortunately, as I see no long term solution coming on the table right now.
Today's headlines
Sweden resumes aid to 'anti-gay Uganda'
Hillevi Engström and protesters against Uganda's anti-gay laws. Photos: Maja Suslin/Ben Curtis/TT

Sweden resumes aid to 'anti-gay Uganda'

Sweden has resumed sending development aid funds to Uganda, after suspending payouts back in March due to "anti-gay legislation". READ  

The Local List
Top ten coffee spots in central Stockholm
Fanny feels at home at the Blå Lotus. Photo: Isabela Vrba

Top ten coffee spots in central Stockholm

If you're wondering where to grab your next cappucino, then wonder no more. The Local talked to the locals in Stockholm and found out the best spots in town for the ultimate fika experience. READ  

Swedish neo-Nazis join fight in Ukraine
The Azov task force. Photo: Sergei Chuzavkov/TT

Swedish neo-Nazis join fight in Ukraine

Four Swedes are fighting with the Ukrainian task force Azov - a squad which flies a flag with Nazi symbols and, according to one Swedish soldier, fights for "a white Ukraine". READ  

Swedish elk get one-way ticket to Denmark
The elk in this picture are not the ones that will be sent to Denmark. Photo: The Uppsala Koala

Swedish elk get one-way ticket to Denmark

Up to a dozen elk will be transported from Sweden to Denmark in an effort to help maintain local marshlands. READ  

Sweden worst in EU at getting foreigners jobs
Photo: Henrik Trygg/Imagebank Sweden

Sweden worst in EU at getting foreigners jobs

UPDATED: Swedish citizens are the most likely to be employed in the EU, but Sweden is among the very worst when it comes to getting non-EU citizens into work. READ  

Man arrested for burning partner's face
Photo: Linn Malmén/TT

Man arrested for burning partner's face

Police suspect that a man in western Sweden is responsible for the extreme burns on his partner's face. The man has been arrested on suspicion of aggravated assault - and potentially attempted murder. READ  

In Pictures: Conchita Wurst in Stockholm
Photo: Maja Suslin/TT

In Pictures: Conchita Wurst in Stockholm

Eurovision winner and LGBTQ idol Conchita Wurst is in Stockholm this week for Stockholm Pride - and joined Swedes at Skansen for a colourful summer sing-along. READ  

Stockholm holds colour contest for new metro
Photo: Joel Bagon

Stockholm holds colour contest for new metro

Stockholm's new metro line is not set for preliminary construction until 2016, and will not be completed until 2022 - but Swedes already have the chance to vote for the new line's colour. READ  

Sweden's heat wave officially over
Photo: Johan Nilsson/TT

Sweden's heat wave officially over

The heat wave that swept over Sweden recently has finally passed, meteorologists reported on Wednesday, promising cooler and more autumnal temperatures around the corner. READ  

Ukraine rebels release kidnapped Swede
Rebel tanks on the road to Horlivka in June. Photo: TT

Ukraine rebels release kidnapped Swede

The Swede who was kidnapped by pro-Russian rebels has been released after nearly three weeks of being held hostage - although no one knows where he is now. READ  

Stockholm Pride kicks off
The top six ways the US and Sweden differ
Swedish youth suicides hit 25-year high
Politician reported for selling 'negro ball'
Police turn blind eye to Swedish 'slave trade'
Blog updates

27 July

Approaching Stockholm (Around Sweden in a kayak) »

"I woke up in the comfort of my own little cabin on Eva and Rolf’s boat, it was 7:30am and I was feeling a bit groggy after a couple of beers with all the lovely locals the night before. The previous day had really taken its toll on my body and I was very stiff and..." READ »


24 July

Sharing our Pride: Celebrating Love & the LGBT Community! (Stockholm in my American Heart) »

"It’s mid- July in Stockholm, and with much of the city on vacation, things can seem a little quiet – the streets, the bus, and the grocery store. One thing that has not paused for a summer break, though, is preparation for Stockholm’s Pride Festival, which will take place from July 28 to August 2...." READ »

Stockholm Pride: Allsång på Skansen with Conchita Wurst
Sponsored Article
Introducing... ID cards and permits in Stockholm
People-watching, June 26th - 28th. Get inside Stockholm's hottest nightclubs
Top ten Swedish taboos
Seven-year-old Swede cycles to Berlin
'Gaza conflict needs help, not empty rhetoric'
Swedes voted 'most beautiful' in the Nordics
Business & Money
Sweden demands EU clarity on Bitcoin tax
Swedish organic sales enjoy 'amazing' growth
Photo: Johan Nilsson/TT
What's On in Sweden
People-watching July 23
Swedish cops elect not to shoot 'angry elks'
Business & Money
New alcohol retail rules threaten micro-breweries
People-watching Båstad
Business & Money
Sweden falls to third in global innovation index
Swedish ornithologists keep webcam watch
Photo: Andreas Nordström/Image Bank Sweden
Top ten Swedish beach hot spots
Swedish Wiki vet sets new content record
Photo: Fastighetsbyrån
In Pictures: The Local's Property of the Week
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

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:
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.
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: