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May 27, 2012
Ministers tout 'Swedish model' to solve European debt crisis
Published: 12 Oct 11 17:13 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/36708/20111012/
A European solution to the debt crisis should follow Sweden's model of in the early 1990s, Finance Minister Anders Borg and Foreign Minister Carl Bildt wrote Wednesday in the Financial Times.
- Euro crisis a threat to Swedish banks: Borg (12 Oct 11)
- Reinfeldt: intensify 'peer pressure' to boost EU growth (7 Oct 11)
- Borg: time to 'pressure' Italy and Greece (8 Sep 11)
Following years of crazed property speculation and deregulation of the Scandinavian country's credit markets, Sweden's banking and financial service bubble burst in the early 1990s amid a global economic slowdown, landing it in its deepest economic crisis since the 1930s.
The Swedish government took control of its struggling banks in exchange for emergency aid, thus making the taxpayer footing the bill owners of the ultimately valuable assets.
Once the crisis was over, the Swedish state sold off nearly all of the nationalised bank investments, getting back most of the money that had been pumped into the sector.
Sweden also cut public sector jobs, slashed pension and unemployment benefits, sold off publicly-owned companies and hiked union membership fees as part of efforts to stabilise the economy and its public finances.
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Highlights
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Swedish word of the day
lång
adjective
Lång means long, tall and can be used for height, distance or time.
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maybe the author thought it was a good idea to tout Sweden's remedy for success, before realising the pitfalls halfway through and quickly giving up on the idea..
the "getting back most of the money" line infers that european governments should be quite content to bail out banks with tax money, nationalise them, and sell them back at a later date for less than they invested...
perhaps rather than following this line, Finance Minister Anders Borg and Foreign Minister Carl Bildt should instead visit a pawn shop or two and see what business model they use to ensure their businesses continue to tread water...
They're simply too scared!
Incompetents speaks again, wasn't it Carl Bildt that run the country into the ground at the time they are speaking about, he was prime minister then.
Looks like it might be 2008 all over again... This time the banks will be nationalized...