Borg Urges Europe to Tackle Deficits
Sweden’s Finance Minister Anders Borg has warned European countries of damaging economic consequences if they do not tackle their budget deficits. Speaking after a meeting with his British counterpart Alistair Darling in London, Borg urged Europe to start dealing with the situation rapidly.
The costs of running high debt levels to society would be severe, Borg added. The Swedish Finance Minister also warned that that failing to cut borrowing soon would make it harder for governments to support growth if another downturn occurs in coming years. In their discussion, Borg and Darling had also taken up the issue of Iceland’s debts to Britain and the Netherlands, but both ministers refused to publicly comment on their conclusions.