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Baltics too small to damage Swedish economy

Oct 08, 2009
Staff and wire reports

RIGA - Loan losses have peaked as deterioration in the Baltic economies has ended, says Nordea Bank’s Chief Executive Officer Christian Clausen. “The recession in the Baltics is still very severe, very difficult, and a lot of people are really having a tough time,” said Clausen, warning however that “an improvement will take a long time,” reports Bloomberg. Nordic banks are facing soaring loan losses in the region. Nordea’s net loan losses jumped to 425 million euros in the secon ...

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