Borg: Greek budget plan could 'fall off the rails'
Published: 4 Oct 11 10:48 CET | Print version
Online: http://www.thelocal.se/36528/20111004/
Sweden's finance minister Anders Borg warned on Tuesday that Greece is at risk of missing budget targets demanded by international lenders in return for bailout funds.
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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.
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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.
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.
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.
Most people in Sweden do not live in apartments. That's not true. A majority of the people live in houses.
"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?
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.
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!