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Government unveils 11.4 billion euro rescue package

The Norwegian government has announced that this package comes on top of an additional 40 billion Euro bank rescue launched in October, and another stimulus package announced last month. (Pictured: PM Jens Stoltenberg)

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AFP - The Norwegian government unveiled Sunday an 11.4- billion-euro (14.7-billion-dollar) rescue package aimed at helping companies and individuals struggling with the global economic crisis.

The package comes on top of a 350-billion-kroner (40-billion-euro) bank rescue and loan guarantee package launched in October and a 20-billion-kroner stimulus package announced last month aimed at combating the economic crisis.

Norway's centre-left government proposed in the latest rescue package the creation of two funds, each worth 50 billion kroner.

The first is aimed at increasing banks' liquidity and the second is aimed at providing credit directly to companies struggling to obtain funds on the market.

"We are doing this to boost employment, strengthen the Norwegian economy, and help create companies," Prime Minister Jens Stoltenberg told reporters.

 

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