Sweden to bolster banks against European debt crisis
Published: 16 Aug 11 16:15 CET | Print version
Online: http://www.thelocal.se/35582/20110816/
Swedish Finance Minister Anders Borg said Tuesday the Scandinavian country was putting in place measures to protect its finance and banking sectors from being sucked into the European debt crisis.
- Borg drops resistance to EU fiscal stimulus (15 May 13)
- Borg calls for action over strong krona (8 May 13)
- 'Weak, slow and difficult' economy ahead: Borg (15 Apr 13)
The commentary was co-signed by Swedish Finance Market Minister Peter Norman and chair of the parliamentary finance committee Anna Kinberg Batra.
It appeared as Borg was preparing to attend an extraordinary meeting of the parliament's finance committee called to discuss the expanding crisis in global financial markets.
"Sweden, which has a small, open economy, will be affected," they wrote, adding "how much will depend on our capacity to ensure that effective measures can protect employment and welfare against the sometimes crazy affects of the debt crisis."
They stressed nonetheless that Sweden, which counts one of the strongest economies in the European Union, has a financial system "considered to be stable."
On August 11th, Borg cautioned that Sweden would be affected by the growing debt crisis, warning that the country's strong growth forecasts for next year would be revised down.
In next month's budget proposal, the centre-right government also aims to push for "extra resources for inspecting financial markets," Borg and his colleagues wrote.
They pointed out that "the latest stock market trouble shows how the banks with a lot of debt can quickly find themselves in trouble."
Ahead of Tuesday's parliamentary meeting, Borg meanwhile cautioned to the TT news agency that Sweden is facing "a difficult autumn ahead."
"We will surely have periods when the markets are little calmer ... but since the basic reason for the tensions will remain I think the autumn will be long and difficult," he warned.
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The trick is to pretend you're being selfless by rescuing the other countries, when you're really rescuing your own banks and exports.
So it works like this.... I lend you some money but you can't pay it back - therefore I lend you some more to give back to me. All the time you are also spending more than you earn, but because you keep paying me back with my money - everything will be ok !
I get the feeling this will alll end in tears.....
This article is very interesting:
http://www.businessinsider.com/michael-pettis-spain-surplus-germany-deficit-2011-7