Sweden braces for fallout from property slump
Sweden's government is ready to step in to stem the fallout from a
property rout if tumbling prices cause a wider crisis - a potential
harbinger of trouble across Europe.
High debts, rising interest rates and a wilting economy has produced a
toxic cocktail for Sweden's commercial property companies, with
several cut to junk by rating agencies.
House prices are also down by around one-fifth since their March 2022
peak, according to the Organisation for Economic Cooperation and
Development (OECD), reflecting soaring mortgage costs.
Swedish Financial Markets Minister Niklas Wykman told Reuters the
state has the financial clout to prevent a property market plunge from engulfing the country, one of Europe's wealthiest, and its banks.
"There is a preparedness to act," he said.
https://www.reuters.com/markets/europe/sweden-braces-fallout-property-slump-2023-06-16/
Remember, serve the rich and corporate interests first, and then maybe
all others....Free Markets, my ass...
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