Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

xchrom

(108,903 posts)
28. Norway Ready to Cut Budget If Krone Too Strong, Premier Says
Fri Nov 8, 2013, 09:24 AM
Nov 2013
http://www.bloomberg.com/news/2013-11-08/norway-ready-to-cut-budget-if-krone-too-strong-premier-says-1-.html

Norway’s Prime Minister Erna Solberg said her government is ready to cut its budget proposal should the exchange rate prove too strong for exporters to stay competitive.

“If the Norwegian krone starts to appreciate more, we have to cut back on our budget,” Solberg said today in an interview in Oslo. “One of the long-term goals of this government is to make sure there is competitiveness for our non-oil businesses so they become better. And one of the areas for competitiveness is investments and the exchange rate.”

Solberg’s government, which took office last month, today unveiled a set of proposals that targets using more of the nation’s oil wealth to cover the cost of tax cuts and spending on infrastructure and education. Use of Norway’s $800 billion sovereign wealth fund will be equivalent to 5.7 percent of trend mainland gross domestic product, up from an estimated 5.2 percent for this year, the government said.

Central bank Governor Oeystein Olsen has also deployed policy to tame the currency. Olsen, in an interview last month, said the krone played a role in his rate decisions, a stance that has helped drive down the currency by about 10 percent against the euro this year.

The krone slumped 0.7 percent against the euro to 8.1677 as of 1:35 p.m. in Oslo. Versus the dollar, it also dropped 0.7 percent to 6.0868. It was the biggest loser of the major currencies tracked by Bloomberg, after the Swedish krona.
Wednesday's rise turned into THursday's rout Demeter Nov 2013 #1
Germany 'should offer Edward Snowden asylum after NSA revelations' Demeter Nov 2013 #2
Those Depressing Germans By PAUL KRUGMAN Demeter Nov 2013 #4
It is disturbing. Just as 'boys will be boys', as they say, so Ghost Dog Nov 2013 #8
Federal Student Loans Discharged in Bankruptcy. A Look at the Surprising 2012 Data and Cases. Demeter Nov 2013 #3
In a nutshell... Demeter Nov 2013 #5
I guess greed is reserved for the 1%ers Demeter Nov 2013 #9
new message! DemReadingDU Nov 2013 #29
Lessons from the Fall of RomneyCare By Michael D. Tanner FROM 2008! Demeter Nov 2013 #6
Although I rarely agree with much of anything Cato says, Fuddnik Nov 2013 #7
GOP SOCIAL PROGRAMMING Demeter Nov 2013 #16
Michelle Obama’s Princeton classmate is executive at company that built Obamacare website Demeter Nov 2013 #19
JPMorgan's $13B Penalty Could Be A Huge Blow to Struggling Homeowners BY DAVID DAYEN Demeter Nov 2013 #10
JPMorgan Still Isn't Sure What It Bought in 2008 Demeter Nov 2013 #14
Making sense of the JP Morgan settlement By Felix Salmon Demeter Nov 2013 #15
So Who Is Carmen Segarra? A Fed Whistleblower Q&A Demeter Nov 2013 #11
What Tuesday's Election Results Really Mean Robert Reich Demeter Nov 2013 #12
How much are we willing to pay for the pursuit of happiness? Demeter Nov 2013 #13
The Revolution of the Mind is Underway Kevin Zeese and Margaret Flowers Demeter Nov 2013 #18
Economist Tyler Cowen Explains Why The Future Will Be Awesome — For About 15% Of Us{INTERVIEW} xchrom Nov 2013 #17
It's An Ugly Day For France xchrom Nov 2013 #20
It's good to be back on the thread! Demeter Nov 2013 #21
Rail Traffic Just Had Its Best Week In 7 Months xchrom Nov 2013 #22
Sorry, Venezuela Haters: This Economy Is Not the Greece of Latin America xchrom Nov 2013 #23
China trade data adds to recovery hopes xchrom Nov 2013 #24
JPMorgan Banker Backed $200 Million Madoff Loan in 2008 xchrom Nov 2013 #25
WOW Demeter Nov 2013 #36
Reno Better Than Manhattan for Buyers Demanding Yield: Mortgages xchrom Nov 2013 #26
De Blasio Faces Limits of NYC Mayor’s Power as Budget Gaps Loom xchrom Nov 2013 #27
Norway Ready to Cut Budget If Krone Too Strong, Premier Says xchrom Nov 2013 #28
Yahoo redesigned? DemReadingDU Nov 2013 #30
Consumer Spending Cools in U.S. as Households Boost Savings xchrom Nov 2013 #31
But it's easier to beat up on the elderly and blue-collar workers... jtuck004 Nov 2013 #32
Fed Anxiety Rises as QE Raises Risk of Loss With Political Cost xchrom Nov 2013 #33
Payrolls Jumped 204,000 as U.S. Economy Weathered Shutdown xchrom Nov 2013 #34
Good Job Is Good Enough as Subprime Car Buyers Lift Sales xchrom Nov 2013 #35
World from Berlin: 'A Last Warning Shot' for Southern Europe xchrom Nov 2013 #37
Latest Discussions»Issue Forums»Economy»STOCK MARKET WATCH -- Fri...»Reply #28