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Norwegian premier, Stoltenberg fears a serious worsening situation in Europe

Monday, 14 May 2012
Norwegian Prime Minister Jens Stoltenberg warned against new severe downturn in the European economy. According to Norwegian business daily, Dagens Næringsliv, the premier recounts how activities in Europe in the past week is slowly derailing perceived progress that was already thought to have been achieved.
“In recent weeks we have had worse news. We are reminded that the crisis is not over. Election results in Greece have created new uncertainty about whether Greece is able to service its debt, and even after 70 percent of Greece’s debts have been written off. Greece needs a dynamic and decisive government, and elections have given them the opposite. They have no power to act and no government,” says Stoltenberg told Dagens Næringsliv.

When the paper talked to the premier Stoltenberg, over the weekend, it was still uncertain whether the government negotiations in Greece would succeed, or whether it will lead to a new fresh election. Both Greece's connection to the euro and especially the country's ability and to pay its debt is in play.

“Another serious situation is developing in Spain, where interest rates are going up again. This just reminds us that the economic situation in Europe will surge up and down for a long time. We can see progress at times, but fundamentally it will take many years before Europe is through crisis,” said Jens Stoltenberg.

Tomorrow there would be a revision on the Norwegian national budget, which will tighten the use of petroleum revenues in Norway. This comes after there has been growing debate that due to oil it looked as though Norway is always protected from the economic crisis in Europe.  But what warning lights flash again, what authorities are seeking is “keep your own house in order,”
This is why there should be a revision on the national budget, so that the country should spend just want to makes and the amount to be culled from the oil money for spending should be managed, according to Stoltenberg to the newspaper.
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