Bloomberg News

Sweden’s Borg Says ‘Substantial’ Greek Writedowns Needed

October 22, 2011

Oct. 22 (Bloomberg) -- Swedish Finance Minister Anders Borg said “substantial” writedowns for bondholders are needed on the value of Greece’s debt.

“We need substantial haircut on Greek debt,” Borg told reporters today in Brussels. “We shouldn’t treat taxpayers money as a freebie for banks,” he said.

“Any recapitalization has to be followed by ownership and control,” Borg said. “We have to restore credibility and that has to be capital.”

To contact the reporter on this story: Stephanie Bodoni in Luxembourg at

To contact the editor responsible for this story: Jones Hayden at

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