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EUROPEAN FINANCIAL CRISIS

"Greece widens gap between euro politicians and citizens" - Swedish analyst

Published måndag 7 november 2011 kl 09.16
Greek prime minister Papandreou has given up his power in a new coalition government. Photo: Kostas Tsironis/Scanpix

Political gridlock in Greece over the bailout package has now led to a coalition government as Prime Minister Giorgos Papandreou cedes power.

Robert Bergqvist, chief economic analyst at the SEB bank, tells Swedish Radio News that "to receive the bailout money Greece must show proof of political stability."

"When you change government there is always lack of certainty what will happen," says Bergqvist who also points to the upcoming election next year as a further indication there may be instability.

"Greece must go through an acid test of cutbacks and there must be a broad political consensus behind it," he says.  “We are forced to give money to Greece because if we don’t we’ll have even more problems.”

Bergqvist points to the market to show a lack of confidence in Greece's ability to steer through the economic crisis.

"Looking at how the markets in Asia reacted to the news there is a hesitance about what is happening."

The analyst also expresses scepticism about the future about the common European currency.

"If I stopped the clock and analysed what I am seeing today I would question whether the euro can survive. There is a widening gap between the politicians and the euro zone citizens about where we are going," Bergqvist says. 

Our journalism is based on credibility and impartiality. Swedish Radio is independent and not affiliated to any political, religious, financial, public or private interests.
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