The 17 member countries of the Eurozone decided to support the €100 billion bailout at a special meeting of finance ministers on Saturday.
Borg said he believed the bail out will be enough as the IMF has judged that Spain needs about €40 billion.
“In the short term this will reduce uncertainty and that is positive [for Sweden],” he added.
“But we need to be aware that we have an election in Greece next weekend and that the uncertainty remains. It was good that we got this piece of the puzzle in place but there is still a certain amount of uncertainty left.”