EU financial crisis to be over by next year: Swedish Foreign Minister Carl Bildt

MUMBAI: Swedish Foreign Minister Carl Bildt today said he expects "significant measures" to come out of the European Union Summit on Sunday and that the troubled region will be out of financial crisis next year.

"Sunday is not going to sort out all the economic and financial issues of the world. There will still be work left to be done. I expect substantial measures to come out of the Sunday meeting," Bildt told reporters here after a meeting with Reserve Bank Deputy Governor Subir Gokarn.

Leaders from the euro-zone are meeting on October 23 to discuss further aid for the troubled Greek economy.

On long does he expect the euro-zone to continue to be under pressure, and if there are any chances of coming out of the crisis soon, Bildt replied in the affirmative and said the problems should end by mid-2012, though Greece will continue to be weak.

"Clearly, Greece will go through a difficult phase that will last for quite some time. As for the overall situation (in the euro-zone), we will see a gradual improvement the next year. I am quite certain of that," the visiting Swedish minister said.

Asked about his meeting with Gokarn and what was on agenda, Bildt refused to divulge details saying they discussed the "global situation".

Gokarn declined to speak to the media. The minister also said his government will be opening a consulate in Mumbai soon.