The eurozone crisis will get worse before it gets better and Greece could exit the single currency bloc within a year, Swedish Finance Minister Anders Borg said in an interview.
“I don’t think we’ve seen the worst yet in countries like Spain and Greece. They have such serious problems that Europe is going to be in a very difficult position during the next six to 12 months,” Borg told public broadcaster Swedish Radio.
The Swedish finance minister, whose country is not a member of the eurozone, said he would not be surprised if Athens had to leave the 17-member euro bloc in the foreseeable future.
He stressed that while there was “much support” for the country in Europe, “we can’t rule out the possibility that Greece will end up in a situation where it in practice leaves the euro in six, nine or 12 months.”
Borg said he wasn’t “sure how much we should dramatise” such a scenario.
“Banks in Europe are prepared for problems with Greece,” he said, while acknowledging that “it could get a lot messier in Europe.”
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