'IMF solution an option for Greece': Borg

[joeblow]

'IMF solution an option for Greece': Borg

Published: 10 Feb 10 07:56 CET
Online: http://www.thelocal.se/24892/20100210/

Dictionary tool Double click on a word to get a translation

Sweden's finance minister Anders Borg has raised the prospect of the International Monetary Fund as a possible solution to the debt crisis in Greece.

    * SMS loan defaults at record high: report (3 Feb 10)
    * Sweden bullish about prospects for growth (27 Jan 10)
    * Swedbank to ditch bonuses for 2009 (27 Jan 10)

Anders Borg was speaking in Paris after a meeting with French counterpart Christine Lagarde and urged that all options be kept open.

"Discussing the role for the IMF in dealing with the situation shouldn't be taboo," one of his spokespeople told AFP.

"Greece has taken a first step toward restoring public finances and rebuilding market confidence but much more remains before confidence is restored," he told Sweden-based journalists in a telephone conference.

After the meeting, Lagarde said France and Sweden were "fully confident" in Greece's ability to put in place a programme to reduce the country's massive debt and a runaway public deficit.

The programme aims to reassure financial markets, anxious about Greece's capacity to honor its debts.

Europe's post-recession economic woes, highlighted by swelling public deficits of Greece, Portugal and Spain, will be the focus of a European Union summit on Thursday.

EU Economic Affairs Commissioner Joaquin Almunia said Tuesday there was no need for the IMF to help Greece out of its economic crisis as Europe can handle the problem.

AFP/The Local (mailto:news@thelocal.se">news@thelocal.se)