Europe Needs ‘Overwhelming’ Firepower to End Crisis, Borg Says
Swedish Finance Minister Anders Borg said Europe can only hope to survive its debt woes if officials agree to approve measures that would unleash “overwhelming” firepower to end the crisis.
Resources spent on Greece’s first rescue have been largely “wasted,” Borg told reporters in Stockholm today. Continued support for Europe’s most indebted country will rest on Greece’s efforts to commit to reforms in a more credible way, he said.
Regarding a second bailout for Greece from the International Monetary Fund, Borg said he “cannot see how that would come into effect if we didn’t strengthen the implementation part. So far it seems like a large part of the resources have been wasted.”
To contact the reporter on this story: Adam Ewing in Stockholm at aewing5@bloomberg.net
To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net
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