'Euro crisis will worsen before improving': Borg
Published: 9 Sep 12 09:30 CET | Print version
Online: http://www.thelocal.se/43108/20120909/
The eurozone crisis will get worse before it gets better and Greece could exit the single currency bloc within a year, Swedish Finance Minister Anders Borg said in an interview on Saturday.
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"I don't think we've seen the worst yet in countries like Spain and Greece. They have such serious problems that Europe is going to be in a very difficult position during the next six to 12 months," Borg told public broadcaster Swedish Radio.
The Swedish finance minister, whose country is not a member of the eurozone, said he would not be surprised if Athens had to leave the 17-member euro bloc in the foreseeable future.
He stressed that while there was "much support" for the country in Europe, "we can't rule out the possibility that Greece will end up in a situation where it in practice leaves the euro in six, nine or 12 months."
Borg said he wasn't "sure how much we should dramatise" such a scenario.
"Banks in Europe are prepared for problems with Greece," he said, all the while acknowledging that "it could get a lot messier in Europe."
He said Athens had to ensure that its reforms were implemented and noted that political will was not the problem. Instead, reforms passed by parliament were not trickling down to authorities and being implemented as they should.
Borg was also of the opinion that Spain may need a bailout, saying there was "great uncertainty about how its regions are managing their public finances."
"I don't think you can rule out that ways will have to be found to help Spain," he said of the eurozone's fourth largest economy.
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These countries could make a very good re-start as cheap vacation destinations. They will benefit from the additional tourism and it would provide a means to rebuild. Europe has over the course of time slowly ran out of such places and everyone can benefit from this.
greece has more oil gas and natural resources in rare materials than most of its EU members..there is so much oil and gas in there waters than almost norway they say. why do u think the "cyprus-turkey" crisis is ongoing? when the USA supported the greek invasion "kissinger" the then US president found out these aegean water had an abundance of oil..now RUSSIA a greek ALLIE will build the gas and oil pipes to greece..the GERMANS want greece to take on DEBT so large that they cannot replay the LOAN..so what happens when this occurs ?? They reposses your most valueble assets...wink wink..(natural resources)..its the biggest corruption since 9/11..but this has been going on for 30yrs or so..