BRUSSELS (AP) — Sweden's finance minister says European banks need to accept substantially more losses on their Greek debt and banks need to be shored up.
Anders Borg spoke before meeting with his colleagues from across the European Union in Brussels on Saturday to discuss how to address the eurozone debt crisis, which is raising concerns over Greece's ability ever to dig itself out of its debt and the banks' ability to withstand a potential default on its bonds.
Borg told reporters before the meeting that Greece needs a "substantive haircut" — a writedown of its debt. Some analysts fear, however, that banks aren't prepared to weather such losses and are also calling for them to be forced to keep more money on hand.
Borg said credibility needs to be restored in the banking system.
Anders Borg spoke before meeting with his colleagues from across the European Union in Brussels on Saturday to discuss how to address the eurozone debt crisis, which is raising concerns over Greece's ability ever to dig itself out of its debt and the banks' ability to withstand a potential default on its bonds.
Borg told reporters before the meeting that Greece needs a "substantive haircut" — a writedown of its debt. Some analysts fear, however, that banks aren't prepared to weather such losses and are also calling for them to be forced to keep more money on hand.
Borg said credibility needs to be restored in the banking system.
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