Saturday, February 07, 2009

Stoltenberg: - The financial

crisis is not over






- We are facing a far more serious downturn in the global economy than we have seen for several decades, and I am not sure we comprehend how dramatic it is, says Norwegian Prime Minister Jens Stoltenberg, speaking at the Labour Party's national board.

Stoltenberg pointed to the latest unemplyment figures from the US, the highest in that nation ever.

- This is a problem not only for the US, but also for us. As long as there is a crisis in the international economy, it is also a crisis for us, he said.

In January the Government presented an aid package aimed at keepng the unemployment down, a package which was strenghtened last week, and on Sunday the Government will present an economic aid package for Norwegian banks, aimed at making it easier for them to lend money. 

- I can't promise that the Government will secure all jobs. This is not a crisis we may get out through granting funds. When the world buys fewer cars, we sell less auto parts. When the world buys less furniture, we sell less furniture, Prime Minister Stoltenberg said.

He said the situation is marked by a basic uncertainty, a situation on which Norway has little or no influence, and mentioned the oil price, the price of aluminum and the international credit markets as examples.


Source: Norway Post


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