• Sweden's news in English

Sweden could assist eurozone bailout: Borg

AFP/The Local · 10 May 2010, 07:44

Published: 10 May 2010 07:44 GMT+02:00

Facebook Twitter Google+ reddit

"I would not rule out anything," Anders Borg told reporters as he arrived

for crunch talks in Brussels.

"I would be willing to consider any option," he said when asked if Sweden could help to guarantee borrowings in the EU's name despite not itself being a member of the euro.

Fellow euro area outsider Britain indicated earlier Sunday it would not participate in the fund.

"We need to make progress today, we cannot afford dispointment with the markets," said Borg, referring to deadline of Sunday evening for agreeing a deal, as fixed at a summit of eurozone leaders on Friday.

Story continues below…

Borg underlined that although the debt crisis that brought down stock markets worldwide last week is a "eurogroup problem," and that it was "clear that our taxpayers are not willing to pay for Greek problems... we also need to solve the problem."

AFP/The Local (news@thelocal.se)

Facebook Twitter Google+ reddit

Your comments about this article

09:01 May 10, 2010 by calebian22
"clear that our taxpayers are not willing to pay for Greek problems...

You have your answer Mr. Borg. The taxpayers don't want to pay for Greek irresponsibility. Listen to the people.
09:50 May 10, 2010 by Kronaboy
Why the hell should my hard earned taxes pay to support a corrupt and dishonest regime who has used Goldman Sachs to fraudulently hide their debts in order to lie and cheat their way into the Euro Zone. We shouldn't be supporting the Greeks we should be kicking the entire lying cheating nation out of the EU. Besides this loan isn't getting rid of the problem it's just postponing it for 3-5 years when it will come back with even more vengeance, it will be all right for Angela Merkel and her Greek loving chums, they'll all be long gone by then.
10:09 May 10, 2010 by AdamVikingen

Regime? ever heard of the word News? They had a free election 6-month ago!
11:04 May 10, 2010 by WelshSwede
This is the reason why were not in the EU, if UK are not paying why the hell should we.
12:16 May 10, 2010 by Kronaboy
what are you talking about your are in the EU. Ieuan Wyn Jones for PM.


and this has stopped them from being a nation of cheating lying ponce's because????
16:23 May 10, 2010 by americanska
Well the US Fed is giving them loans now. and who do you think the largest memeber of the IMF is...the US. Who is going to bail us out after we bail out europe?? no one!

Sadly this is going to happen and everyone is going to pay. If there never were any bailouts in the first place we would have had some banks fail and others would have filled the void. Now we have this.
01:48 May 11, 2010 by Celc
@americanska No one? Really? You seriously think that the biggest economy in the world (Europe) wouldn't push money through the IMF if say California which is practically bankrupt would need it? Maybe Americans are so used to yelling and threatening others that you've all forgotten that in civilized society asking nicely, works.

You also need to go look at just how much America have loaned from China if you seriously think nobody is saving the US. Since 1960 America hasn't had a budget surplus except twice under Clinton. Oh and yes that includes the Reagan era. :P

Oh yeah and there's also the whole issue with corrupt American banks dragging the entire world economy down the shitter which pretty much screwed Greece that is an export and tourism based economy.
09:23 May 11, 2010 by americanska
I don't think that. I know that. The entire EU combined is a slightly larger economy than the US. But the EU is not actually united. Greece is 2% of the US economy while California is is the 7th largest in the world on it's own. Europe does not run to help the US....it always happens the other way around.

China is not bailing out the US, that is normal borrowing. Greece can't borrow normally because they are too high risk- hence the bailout. (you are obviously a very brainwashed little liberal.)
09:29 May 11, 2010 by WelshSwede
Kronaboy, I was meaning the Eurogroup. I Know were in the Eruopean Union, aswell as Sweden.

The groups/countries who signed up for the EURO, have to deal with the highs and lows of that currency. Countries who havent signed up, can deal with their own economy.
11:45 May 11, 2010 by Celc
@americanska I don't see what California size has to do with anything, I only brought it up because it's also dealing with billions in budget deficits and there's a very real chance it will face a similar destiny to Greece if the things go for the worse again.

Ah yes because 2% won't have an affect (we've already seen) on the world market, because it's not like Greece is tightly coupled with the rest of the world that are holding their bonds. It's also not like there are a few countries doing better than Greece but would be in serious trouble on another downturn (like California, Spain, Portugal and possibly Ireland). Nations don't collapse into themselves with no visible effect on the world. Germany that is a fair bit larger than California has also a sizable bulk of their bonds.

Yeah Europe never comes around to help America deal with its problems... like the wars you keep getting yourself into. Or be represented in every single international organization and venture looking after western interest. Or maybe you believe that NATO is for the benefit of Europe and America just let us tag along for the fun of it? Well in any event I'm glad you are you are feeling so appreciative. Sweden would send America money when America needs it, because it's the right thing to do. All of Europe isn't like that, but Europe looks its friends.

Hahaha, it's not often I get called a brainwashed liberal (which I might add has a different definition to Europeans). I'm happy there's a few of your left after eight years of Bush that can still keep up good old fashioned the ad-hominems with a straight face, instead of... oh how did Bush put it, something about not belonging to the reality based community.

Greece was struggling and managing along the bottom until Standards & Poor downgraded their rating, and in effect the market was being set by the ratings instead of the other way around. But yes nobody is saying there's not plenty of blame to be put on the Greek government and it's also why those loans come with harsh conditions (which you wouldn't get just loaning money).

Going back to the issue about the IMF, the US contributed slightly more than half of what the EU does to the IMF. You also need to be really specific when you are talking about bailing out Europe. There's a huge difference between sending money to Kosovo after they've been ravaged by war, than sending it to the UK. Its helping a third world nation rebuild and is of western interest, not just a Europe's.

Or maybe this is the part where I'm supposed to call you a heartlest capitalist that only want the rich to get richer. That's how you we're supposed to have a discussion right? None of this disgusting facts checking, validation and actually coming out on the other side with a bit more truth. Because it's more important to be right than to know right, right?
13:00 May 11, 2010 by Kronaboy

it's called the Euro Zone, came into existence 1999/00.
13:03 May 11, 2010 by Kronaboy
Besides too late you have already contributed, you remember all those billions you gave to those clever little bankers 2 years ago, well those clever little banker went and lent £40bn of it to Greece.
14:08 May 11, 2010 by americanska
Europe never has and will never bail out the US.

By the time America needs to be bailed out, we will have already bailed out the EU.

You talk about bailing who out of wars?....I think you've got it the wrong way around. Or maybe you actually don't know any history.

If the US does contributes 18% of the TOTAL IMF fund PLUS additional loans up to 50% of that. That is pretty sad considering we are only 1 country (not 27) with only 35% as many poeple as the EU.

Add to that the fact that the EU is often a beneficiary of the IMF...the US is not.
03:00 May 12, 2010 by Celc
@americanska - Why do Americans compare America as a single nation against any other nation in terms of totals and not per-capita or by economic strength. If say there was a country with far more people than America who all make 1 cent and are starving, should they be able to claim to be richer than America? No of course they shouldn't, it's not a useful way of looking at the world.

That is why you need to look at economic power when comparing contributions, because I highly doubt that you are suggesting China should be giving proportional to it's population and not its economy? We have already agreed that Europe is and America is of similar size in terms of economy, so if you want to base IMF contributions in terms of what is fair then America pays less than Europe. I think you are rounding up if you are saying the US contributes 18%, the highest I've found is is 17,02%, I'm not sure where you are getting the 50% of additional loans from. You might be confusing the USD part of IMFs monitory units (SDR) with being from the US. The EU has 501 million people and the US 309 million, do tell how you arrived at 35%.

Geographically Europe is a pretty diverse place, it's like taking South America and spread it all over Americas east. However when one refers to Europe as a a politically entity you mean western-Europe, just like how when you say America, you mean just the US. The only time a western-European country has received IMF loans before the current recession was France in 1945, and now I *clearly* don't know anything about history so I can't qualify that.

Viewing America as simply a country like any other is misrepresenting what America is, something Europeans frequently do. It's not homogeneous with 52 states (not to mention places like Puerto Rico) that has high degrees of autonomy, unlike Sweden. The union part of the name isn't just there for historical reasons.

I realize the Americans enjoy using rhetorics where by if you state something it must be true because having an opinion on something is the same as giving it validity. However making a claim, based on a premise which you have offered no evidence for is not in fact saying anything. E.g. "Your claims are wrong, because you know noting about the [relevant] history" needs to be backed up with my supposed lacking understanding of history.

My original point was to illustrate that Europe is supporting America in plenty of ways and that the supposed binary relationship between America and Europe is false. The nature of Americas relationship to Europe isn't one where one side is taking and the other is giving, or for that matter that there's only two sides is absurd in a place as diverse as Europe and untrue for wester-Europe (E.g. your are overgeneralizing something which isn't applicable to Europe as a whole).
08:53 May 12, 2010 by americanska
I don't have time to write a book.

Obviously the EU does get IMF funds - we are talking about Greece.

The population of europe is - 830K. It looks like that includes russia so i'll give you that. Regardless, show me where per capita the EU provides more money the the IMF then the US?

The IMF is based IN the US. So I wouldn't know why you keep insisting that Europe has a larger role than the US.

Europe couldn't even keep Greece, one of it's states, from going to hell. Nor could they stop hitler when he was coming into power.

I'm not against europe but when people like you get on a high horse about Europe. It's so far from the truth, even comparing the US to all the the EU. Europe is such a mess and soon the 4th largest economy will need to be bailed out (Spain), by the most generous country in the world (The USA)

Oh, and you want to name those exrta two states?
09:29 May 12, 2010 by Kronaboy

That's not quite true, it appears to me that USA has been using other peoples money to do so?

Foreign owners of US Treasury Securities (Feb 2010)

Nation billions of dollars percentage

People's Republic of China (mainland) 877.5 23.4%

Japan 768.5 20.5%

United Kingdom 233.5 6.2

Oil exporters 218.8 5.8

Brazil 170.8 4.6

People's Republic of China (Hong Kong) 152.4 4.1

Republic of China (Taiwan) 121.4 3.2

Russia 120.2 3.2

Grand Total 3750.5 65.8


I also forgot to mention the $230bn of your taxes that those clever bankers have given to the USA, how will all this money be paid now the pre-election spending spree is over and the Tories are in charge, by cutting back on money they spend on you, i.e. Health, Education etc....... And to think the various governments of the UK have been screaming since 1979 that they don't have the £8bn that it would cost to eradicate child poverty. Why is it that the 6th richest nation fairs so badly when compared with poxy old Sweden:


Don't worry clever old David Cameron and Nick Clegg have done well under Thatcherism/Blairism after all one is the Son of an Investment Banker and the other a Stock Broker, I'm sure those kids playing with discarded needles in the inner cities will be on the top of their agenda.
12:50 May 12, 2010 by WelshSwede
Do you not get out often! :)
13:20 May 12, 2010 by Kronaboy

Son, if I wasn't an old-codger you think I would be wasting my time on this site???
16:15 May 12, 2010 by americanska
they lend to the US because the US is the most stable place in the world to put your money. Unlike the charity that Greece is getting and soon the rest of the Eurozone wil need.
17:14 May 12, 2010 by WelshSwede
Nice, dam, whats my excuse! Take it easy.
17:41 May 12, 2010 by Celc
@americanska - You can't seriously in one breath say you are uninterested in engaging my points, while demanding I do basic arithmetic on the IMF quotas for you. The quotas by the way are based on economic strength of the individual members.

High horse, hahahaha! You were essentially saying that America does everything by itself and nobody helps it, I was saying Europe and America as a symbiotic relationship. If you think that means I'm on a high horse I think you need to go do some soul searching about what that says about you.

I on the other hand as an academic enjoy basing my opinions on something other than my own personal beliefs which mind you were pretty low before I started researching my beliefs rather than just having, having grown up during a time where Sweden had no money because of previous mentioned problems with the banks. I would've been happy keep this discussion going if we played the same game, but I really don't have any interest trying to educate someone that doesn't even attempt to address my points, but instead willfully ignores them while spouting of the same talking points.

Speaking of talking points, you aren't basing your claims that America is a stable economy on anything but wishful thinking. Go look up economic stability or to make things simpler for you, go look up look up "Country risk". America doesn't even make the top 10.

And if anyone else actually reads this long discussion:



There's quite a lot from better sources like the OECD that all say the same thing, if you want to complain about credibility.

Have a fun life. I'm going to go back to my ivory tower of data driven reasoning now.
18:17 May 12, 2010 by americanska
Ha - dude you are sad. You've been brought up to think that Europe and the US are on equal footing. Why do you think commodities are priced in USD? Why do you think the IMF is based in the US?

No one is giving the US charity and the US does not force anyone to lend them money. So I just don't see your point in comparison to a country that is being bailed out (largly by the USA)
09:50 May 13, 2010 by Kronaboy
@americanska #23

because USA has the biggest gun so can tell everyone what to do, you know pretty much the way other gangster empires have historically operated (i.e. Rome).
Today's headlines
Swedish photographer shot near Mosul
Hansen was being operated on in the Iraqi city of Erbil on Sunday. Photo: Nora Lorek/ TT

Paul Hansen, a photographer working for Swedish daily Dagens Nyheter, has sustained light injuries after being hit by what appears to be a sniper while covering the battle for the Isis-held city of Mosul in Iraq.

Trollhättan remembers school attack victims
'It was an attack on all of Sweden,' Education Minister Gustav Fridolin said. Photo: Thomas Johansson/ TT

Hundreds of people on Saturday turned out for a torchlight procession in the small town of Trollhättan in southwestern Sweden to honour the victims of last year’s deadly school attack there.

Sweden wants emission-free cars in EU by 2030
Photo: Jessica Gow/ TT

Sweden's environment minister on Saturday urged the European Union to ban petrol and diesel-powered vehicles from 2030.

Hundreds protest Swedish asylum laws
Around 1,000 people protested in Stockholm. Photo: Fredrik Persson/ TT

Hundreds of people on Saturday demonstrated in Stockholm and in many other parts of the country to protest Sweden’s tough new laws on asylum-seekers.

Dylan removes Nobel-mention from website
The American musician has more or less responded to the news with silence. Photo: Per Wahlberg

American singer-song writer Bob Dylan has removed any mention of him being named one of this year’s Nobel Prize laureates on his official website.

Refugee crisis
Asylum requests in Sweden down by 70 percent
Sweden's migration minister Morgan Johansson. Photo: Christine Olsson/TT

Sweden received 70 percent fewer requests for asylum in the period between January and September 2016 than it did during the same time last year, the country’s justice and migration minister Morgan Johansson has revealed.

The unique story of Stockholm's floating libraries
The Stockholm archipelago book boat. Photo: Roger Hill.

Writer Roger Hill details his journeys on the boats that carry books over Stockholm's waterways and to its most remote places.

Refugee crisis
Second Stockholm asylum centre fire in a week
The new incident follows a similar fire in Fagersjö last week (pictured). Photo: Johan Nilsson/TT

Police suspect arson in the blaze, as well as a similar incident which occurred last Sunday.

More misery for Ericsson as losses pile up
Ericsson interim CEO Jan Frykhammar presenting its third quarter results. Photo: Claudio Bresciani/TT

The bad news just keeps coming from the Swedish telecoms giant.

Facebook 'sorry' for removing Swedish cancer video
A computer displaying Facebook's landing page. Photo: Christine Olsson/TT

The social media giant had censored a video explaining how women should check for suspicious lumps in their breasts.

Sponsored Article
This is Malmö: Football capital of Sweden
Fury at plans that 'threaten the IB's survival' in Sweden
Sponsored Article
Where is the Swedish music industry heading?
Here's where it could snow in central Sweden this weekend
Analysis & Opinion
Are we just going to let half the country die?
Blog updates

6 October

10 useful hjälpverb (The Swedish Teacher) »

"Hej! I think the so-called “hjalpverb” (auxiliary verbs in English) are a good way to get…" READ »


8 July

Editor’s blog, July 8th (The Local Sweden) »

"Hej readers, It has, as always, been a bizarre, serious and hilarious week in Sweden. You…" READ »

Sponsored Article
7 reasons you should join Sweden's 'a-kassa'
Angry elk chases Swede up a lamp post
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
The Local Voices
'Alienation in Sweden feels better: I find myself a stranger among scores of aliens'
People-watching: October 20th
The Local Voices
A layover at Qatar airport brought this Swedish-Kenyan couple together - now they're heading for marriage
Sponsored Article
Stockholm: creating solutions to global challenges
Swede punches clown that scared his grandmother
Sponsored Article
Swedish for programmers: 'It changed my life'
Fans throw flares and enter pitch in Swedish football riot
Could Swedish blood test solve 'Making a Murderer'?
Sponsored Article
Top 7 tips to help you learn Swedish
Property of the week: Linnéstaden, Gothenburg
Sponsored Article
How to vote absentee from abroad in the US elections
Swedish school to build gender neutral changing room
People-watching: October 14th-16th
Sponsored Article
'There was no future for me in Turkey'
Man in Sweden assaulted by clowns with broken bottle
Sponsored Article
‘Extremism can't be defeated on the battlefield alone’
Nobel Prize 2016: Literature
Sponsored Article
Stockholm: creating solutions to global challenges
Watch the man who discovered Bob Dylan react to his Nobel Prize win
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
Record numbers emigrating from Sweden
Sponsored Article
'There was no future for me in Turkey'
People-watching: October 12th
Sponsored Article
Where is the Swedish music industry heading?
The Local Voices
'Swedish startups should embrace newcomers' talents - there's nothing to fear'
Sponsored Article
Last chance to vote absentee in the US elections
How far right are the Sweden Democrats?
Property of the week: Triangeln, Malmö
Sweden unveils Europe's first elk hut
People-watching: October 7th-9th
The Local Voices
Syria's White Helmets: The Nobel Peace Prize would have meant a lot, but pulling a child from rubble is the greatest reward
Missing rune stone turns up in Sweden
Nobel Prize 2016: Chemistry
jobs available