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‘No Swedish loans to Spain’: minister Borg

The probability of Sweden assisting Spain and Portugal with loans when Euro countries decide on support is low, according to Finance Minister Anders Borg on Monday.

'No Swedish loans to Spain': minister Borg

“The problems that Portugal, Greece, Ireland and Spain have are because they have not maintained sufficiently responsible and austere economic policies,” Borg said on Monday after a consultation with the committee on EU affairs of Sweden’s parliament, the Riksdag.

“The countries that have problems have them because they have not been strict enough with their policies,” he added.

However, according to Borg, Sweden has a responsibility to ensure the system works in Europe.

“Seeing that we have participated in the packages for Latvia, Iceland and Ireland, it has raised the bar for our participation in additional packages. There is a relatively low probability that we will do it,” he said.

When asked if the system is less responsible for a country like Spain than for Ireland, Borg replied, “One has to make an overall assessment. Our assessment is that the bar has been raised gradually.

Spain, which fears having to ask for help from the EU and the IMF to manage its finances, cancelled on Monday a planned Thursday auction of 10- and 15- year government bonds.

The auction will be replaced by a syndicated transaction, in which 10-year bonds for €4 billion (35.69 billion kronor, $5.31 billion) to €5 billion will be sold to a syndicate of banks.

The announcement came as an IMF delegation began a visit to Madrid on Monday. They will assemble material for a stability report to be published in the spring.

The euro fell the most against the dollar and European stock markets were generally down in Monday trading before the meeting between the finance ministers of the Eurogroup.

At the same time, interest rates climbed for the most financially pressured of the euro countries.

The interest rate on Spain’s 10-year government bond rose to 5.42 percent, compared with 3.04 percent for German government securities with the same maturity.

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FOOTBALL

Sweden sink Russia at women’s Euro

Captain Lotta Schelin and Stina Blackstenius powered Sweden to a 2-0 win over Russia at the women's Euro tournament in Deventer on Friday.

Sweden sink Russia at women's Euro
Sweden's Stina Blackstenius (L) vies with Russia's Elvira Ziyastinova during the UEFA Women's Euro 2017 football match between Sweden and Russia at Stadion De Adelaarshorst in Deventer on Friday. PHOT
Schelin scored Sweden's opening goal on 22 minutes, heading in a superb free-kick taken by Magdalena Ericsson.
 
Blackstenius made it 2-0 in the 51st minute as she picked up a poor goal kick by Russian keeper Tatiana Shcherbak, beat two defenders and fired a shot that Anna Kozhnikova only managed to deflect into the net off the post.
 
“Three points, two goals, that's good,” said Sweden coach Pia Sundhage. “I'm happpy about the result and parts of the performance, especially in the first half.”
 
Russia could have secured a quarter-final berth if they had won, following their surprising 2-1 win over Italy in the Group B opener.
 
But they never got close as Sweden put them under heavy pressure from the start with Kosovare Asllani's long-range shot smacking the crossbar on 10 minutes.
 
It took Russia half an hour to threaten up front, but Elena Danilova missed from long range.
 
At the other end, Schelin shot narrowly wide across goal and Linda Sembrant headed wide from a corner just before half-time.
 
Sweden continued to dominate in the second half but squandered their chances, with Sembrant heading against the post five minutes from the end.
 
“Sweden were very strong when it comes to set pieces, there were a lot of them and this was something that didn't allow us to play well,” said Russian coach Elena Fomina.
 
In the other Group B game, defending champions Germany edged Italy 2-1.