LUXEMBOURG (MNI) – The euro is and will remain a strong currency
despite its recent weakeness, Sweden’s Finance Minister Anders Borg said
on Tuesday.
The euro rose in early trading Tuesday but was still near four-year
lows against the dollar. The single currency has been pressured in
recent weeks as traders fear that high levels of debt and deficit in
countries that share the euro will impede the bloc’s economic recovery.
“The euro is a strong currency and will remain a strong currency,”
Borg told reporters as he arrrived for a meeting of European Union
finance ministers in Luxembourg. Sweden is not a member of the Eurozone.
Borg said the key risk facing the Eurozone was that “some countries
are contributing to uncertainty.” He named Spain and Portugal.
“We have an illness in Europe due to market uncertainty and the
cure must be responsible fiscal policy,” he said.
Spain and Portugal have committed to reducing their debt burdens,
agreeing last month to take additional budget cutting measures.
–Luxembourg: 0032 487 (0) 32 803 665, echarlton@marketnews.com
[TOPICS: MT$$$$,M$$FX$,M$$EC$,M$X$$$,M$$CR$,MGX$$$]
