Sweden approves $200 billion bailout plan

STOCKHOLM, Sweden - Sweden's Parliament has approved a 1.5 trillion kronor ($200 billion) rescue package for the nation's financial sector.

By (AP)

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Wed 29 Oct 2008, 5:56 PM

Last updated: Sun 5 Apr 2015, 2:27 PM

The measure allows the government to give 1.5 trillion kronor ($200 billion) in credit guarantees to banks and mortgage lenders to improve liquidity amid the global financial turmoil.

It also creates a 15 billion kronor ($2 billion) ‘stability fund’ to bail out any Swedish banks that run into solvency problems.

Financial Markets Minister Mats Odell told lawmakers Wednesday that Swedish banks were relatively stable ‘but we cannot during the current turbulence exclude that the crisis deepens.’

The bill was part of a coordinated European bailout effort to calm markets and restore lending between banks and to customers.

More news from