On Mar 18, 2008, at 6:24 AM, Michael Pollak wrote:
>
> [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.
>
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