Financial Markets Minister Mats Odell with Finance Minister Anders Borg presenting the stability package

Parliament OK’s Stabilization Package

The Swedish parliament approved Wednesday the government’s rescue package, which guarantees banks up to 200 billion US dollar to cover loans. The Central Bank will also provide large non-financial firms with a temporary credit facility.

According to the head of the National Institute of Economic Research, Mats Dilléns, the Swedish economy is in the worst condition since the 1990’s crisis.

The institute predicts growth of just 1.2 percent this year, and next year Sweden’s GNP could be the lowest since 1993, with unemployment at 8 percent.

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