EU crisis to be over by middle of next year: Swedish Min

Sweden expects emergence of "significant measures" from European Union Summit on Sunday to tackle the euro zone crisis and hopes the problems would end by middle of next year, though Greece would continue to be under pressure for "quite some time".

"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," Swedish Foreign Minister Carl Bildt told reporters today.

Leaders from the euro zone are meeting in Brussels on October 23 to discuss ways to remove obstacles in the path of infusing fresh aid into the troubled Greek economy.

Sounding a note of cautious optimism, Bildt hoped that though the problems facing the 17-nation currency union should end by mid-2012, 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 after a meeting with RBI Deputy Governor Subir Gokarn.

The summit agenda includes exploring possibilities of recapitalisation of Europe''s banks in a coordinated way and imparting greater effectiveness to the European Financial Stability Facility, the EU's rescue fund for indebted states.

Apart from finding a solution to the Greek crisis, the summit would also look at ways to boost competitiveness and consider European treaty changes to tighten economic management.

The Swedish Minister declined to disclose details of his meeting with Gokarn, saying they discussed the "global situation". Gokarn refused to speak to the media.

The Minister said Sweden will be opening a consulate in Mumbai soon.

Bildt also had a meeting with the country''s largest stock exchange NSE''s Managing Director and CEO Ravi Narain. What transpired at the meeting was not known.

When contacted, NSE spokesperson said," It was a closed door meeting."