Swedish Finance Minister Anders Borg on Greek Austerity, Euro Crisis
Speaking from the German Marshall Fund's Stockhom China Forum, Swedish Finance Minister Anders Borg outlined the next steps for Greece after its parliament passed an austerity package. Minister Borg also addressed the need for firewalls to protect EU member states from the Greek economy and the need for automatic stabilization measures. Minister Borg also expressed strong doubts that a Chinese-backed IMF recovery package can be realized for the Eurozone in the near future. Finally, Minister Borg emphasized the need for labor market and structural reforms in Greece, Italy, Portugal and Spain order to spur economic demand and growth in the euro zone.