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EU leaders hold summit Wednesday

Borg: Critical decision will be taken

Published tisdag 25 oktober 2011 kl 15.16
Finance Minister Anders Borg and Prime Minister Fredrik Reinfeldt. Photo: Janerik Henriksson/Scanpix.

Sweden's Finance Minister Anders Borg says that EU leaders must take decisive action tomorrow at a key meeting in Brussels.

EU leaders are gathering Wednesday with the aim of reaching an agreement they hope will solve the eurozone crisis. They will discuss how the EU crisis fund could lend more money, how much of Greece's debt will be written off, and to what extent banks can survive losses.

Speaking to Swedish Radio News, Borg said, "Of course there's a lot of hesitancy around this decision, we know that Greek bonds represent several percent of the capital of European banks. It's clearly a very hesitant and difficult decision that must be made."

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