Swedish Finance Minister views on the state of Ireland

international | miscellaneous | other press

Thursday September 30, 2010 17:38

by Ronoc

The views of the Swedish Finance Minister, published in Dagens Industri(Todays Industry), well renowned Financial Paper....

"State of the Irish economy is very serious, "said Finance Minister Anders Borg, who on Thursday and Friday meet his EU colleagues in Brussels."

Anders Borg: "Very serious situation in Ireland"

Updated 2010-09-30 15:51
State of the Irish economy is very serious, "said Finance Minister Anders Borg, who on Thursday and Friday meet his EU colleagues in Brussels.

"It is one of the largest deficit that I experienced during my time in economic policy," said Borg.

The Irish must take action immediately, do not shoot painful implementations in the future.

"Frontloading is what is required from them in the short term for this is to be stabilized," said Borg.

While he believes that it is good that the Irish Government to find and show the large deficits.

"We have serious problems remain in the European economy. For example, Spain and Portugal back on the agenda and that's probably not the last time," said Borg.

Ireland's record budget deficit of 32 percent of GDP is certainly of a temporary nature, but Borg points out that even after deducting the bank crisis action as is the Irish deficit of 12 percent.

"It is completely unreasonable," said Borg.

EU's biggest problem children - Greece, Portugal, Spain and Ireland - have all put forward tough action. But while the first three have a focus on rapid measures to bring down its deficit, the Irish have presented quite vague and late efforts, considers Borg.

He praises the Portuguese program with tax increases, bank fees and charges and calls for the same type of software from Ireland.

The situation now is not as severe as last spring when the Greek economy was bankrupt and the entire euro sagged, as market reactions are not as cool now, either in Europe or globally.

"But these are situations which can change rapidly," said Borg.

"It remains to see where this lands. It seems that the markets were relatively calm today, but it is so big deficit here, so you have to get around with great caution," said Borg.
Anders Borg: "Very serious situation in Ireland"
Fitch puts Ireland under the microscope Today 17:02

TT
Published 2010-09-30 15:24 Updated 2010-09-30 15:51

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Swedish Finance Minister views on the state of Ireland