Norway has ready crisis plan
The Norwegian finance minister confirms that she has an economic crisis plan ready and that she will not hesitate with its implementation should the situation in the economy deteriorate. Critics still say that the government does not understand the gravity of the situation.
Among the sectors worst hit is the export and ship building industries, which risk losing billion-dollar contracts and thousands of jobs. Minister of Finance, Kristin Halvorsen, now confirms that she has a crisis plan ready for implementation. She does not yet however want to make amendments in the Norwegian 2009 state budget, which critics describe as too optimistic.
-We are discussing various measures which can be implemented when needed, she says to newspaper Dagens Næringsliv. She does not believe that the measures come too late.
Meanwhile, several economists and industrialists say that Norway is about to be seriously hit by the international crisis. Among the worst off is the export industry and the shipbuilding industry.
-I have never experienced a crisis which goes this far and this deep – it seems like there is a complete stop in all of the world, Magnus Stangeland, board chairman in the shipyard Bergen Group.
He believes the Norwegian government now must aid the state-controlled Eksportfinans, the Norwegian export credit agency for Export Financing.
-Unless the credit agency is able to provide loans to the export industry, several billion kroner could be lost, Mr. Stangeland underlines. He adds that the crisis will hit especially hard the Norwegian coastal communities.
Also the Federation of Norwegian Industries now calls on the increased engagement of the government.
-The problem is that the government has not grasped the gravity, head of the federation, Mr. Stein Lier-Hansen says to DN. –We have been very worried about the situation over the last half year – it is a major problem that the state officials have not been willing to accept or understand the situation until now last few days, he adds.
