“It’s reflecting how parts of Europe and the US have been living above their means for a longer period of time,” he said to Sveriges Television (SVT) on Wednesday.
And according to Reinfeldt there is now a gap between what leaders say should be done to solve the crisis and what is actually being done.
“What needs to happen is that they act on the promises they make. If you look at the austerity packages presented, they are not as powerful as was promised,” he said.
When asked if Sweden, which so far hasn’t contributed too much to its crisis stricken European neighbours, should be doing more to help countries like Greece, Reinfeldt answered that Sweden is far from having done nothing and that the government will judge each case individually to see what help Sweden can offer.
He was not in favour of Sweden increasing financial support to other cash-strapped European countries unless these show that they are doing everything they can to solve it themselves.
“If you have been living above your means you can’t be allowed to continue to do so by borrowing money from others. You have to tell these countries that this is their own problem, that the solution is in their own hands,” Reinfeldt told SVT.