According to Nordic Exceptionalism, Sweden, Denmark, Norway and Finland are not immune to events in the rest of the world and face dramatic slowdowns of their own. In early November, UBS downgraded Nordic economic forecasts for 2009. Sweden’s economy growth will contract by 0.5% in 2009 while Norway is expected to stagnate at zero percent growth in 2009.
Swedbank is the first Swedish bank which will join guarantee scheme. The Bank confirmed to join the scheme on November 4 while Carnegie bank, the Nordic region’s oldest homegrown investment bank, has been forced to go to the Swedish central bank for funds to stave off bankruptcy and is now up for sale
The Government threatened to force banks to join the guarantee scheme after just Swedbank that has signed up the scheme while others still refused.
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Sources :
- FT.com: Swedish threat to wary banks, November 17 2008 23:52
FT.com: Nordic region feels economic chill, November 9 2008 18:48
Biz Yahoo!: The Swedish National Debt Office Has Granted Swedbank's Application to Participate in the Swedish State's Guarantee Programme, November 10, 2:45 am ET
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