[From his NYT blog]
http://krugman.blogs.nytimes.com/2008/03/17/forbidden-swedes/
March 17, 2008, 3:43 pm
Forbidden Swedes?
Justin Fox suggests that we learn from the way Sweden dealt with its
financial crisis at the beginning of the 90s. I'm looking into it.
What Justin doesn't mention, however, is that (according to Reinhart
and Rogoff) the resolution of Sweden's financial crisis imposed a
fiscal burden -- that is, required a taxpayer-financed bailout -- equal
to 6 percent of GDP. That would be $850 billion in America today. Just
saying.