Swedish bankers threaten to go on strike

Banks in Sweden created a domestic and entierly homemaid financial chrisis late 1980 early 1990. The goverment had to step in and in that process a new entity was created whereby all "bad Loans " was overtaken from the banks to a goverment agency, at the expence of the taxpayers. Slowly then the financial sector recovered but at great cost.

Sweden said today that it was raising a key interbank lending rate from 24 percent to 75 percent to defend the dropping Swedish krona
http://www.nytimes.com/1992/09/10/business/currency-markets-sweden-lifts-interbank-rate-to-defend-the-falling-krona.html

Now beleive it or not Bank employees in our country are getting on strike as they want more pay:

Sweden's main trade union for employees in the financial sector said Friday talks with the employer's organization have broken down and a conflict is looming nearer.

“We were prepared to negotiate further, but the employer's organization were not willing to compromise on their origin claims, "said Ulrika Boëthius, negotiation manager and first vice chairman at the Financial Sector Union of Sweden, adding that the organisation now prepare for a possible notice of industrial action.

The action would come into force March 5.

Swedish banks' profit in 2010 was over 50 billion kronor ($7.8 billion), after loan losses and taxes. The union demans a wage increase of 3 percent of its members, which would cost the banks some 600 million kronor.

The Financial Sector Union of Sweden has some 30,000 members in 375 different companies. The employer's organization, Bankernas Arbetsgivareorganisation, represents more or less all Swedish banks.

Sweden's robust economic recovery helped the Scandinavian country’s for biggest banks – Nordea, Handelsbanken, SEB and Swedbank -- beat forecasts in the fourth quarter. Nordic banks have bounced back from the financial downturn quickly relative to their European peers, thanks to robust economic growth, early moves to raise capital and improved loan books in crisis-hit areas such as the Baltics.
http://www.swedishwire.com/business/8655-swedish-bankers-threaten-to-go-on-strike

So then the question is how did we get this recovery?

Negative interest rates and Quantitative Easening
http://www.nakedcapitalism.com/2009/07/sweden-negative-interest-rates-and.html

As you cvan see part of the "solutions" has been to give away money for free, give no compensation to savings what so ever and let the Banks hord money.

Where has that free money the banks got access to gone? To the Swedish export oriented industry? Nupp, as Sweden depends on export to some 70% and as the world economy has been quite hurt that's not then where the banks have put their money.

Instead the Banks have pushed out so much cash in realestate that despite a very depressed relestate market ww Sweden has had not only rapidly increasing prices on realestate, but increases in real estate prices to a level where they in fact are the largest in the world. Isen't that quite an acheivement in the mids of a ww recession/depression?

That means Swedish house holds now have accumulated loans and bought real estate to an almost unpreseidented extent. Or how about the fact that some 30% of all Swedish house holds now have loans more than 7 times larger than income?

The Swedish riksbank has now begun hiking the rates and it's clear we again in this country have created a new realestate buble ready to burst. You can thank these bank employees for that. We're about to get in to a real, uggly mess because of these banksters. And now they want to be extra compensated for again having created this mess?

Swedish housing 'bubble' about to burst
Sweden's National Housing Credit Guarantee Board (Bostadskreditnämnd - BKN) has warned that spiralling household mortgage debt will dramatically impact house prices in the near future.
http://www.thelocal.se/32212/20110223/

What happened in between our domesticly manufactured banking chrisis in the early 90ties and now, this time we we again are facing the same situation?

Well in the mean time the Swedish banksters created a very, very sever chrisis indeed in the Baltic. The reseult there has been severe reductions of the govermental sector, lower pensions, recused number of firemen, teachers, nurses, unemployment and of course privatisations.

When in fact the Baltic countries should have devaluated their currencys the Swedish goverment supported the swedish banks by threatening the Baltic countries in to not doing it.

Sweden is preparing to part-nationalise banks exposed to the economic collapse in Baltic states, raising fears that a string of Western European countries could face similar fallout from rising defaults in the former Communist bloc.
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5446658/European-banks-in-spotlight-as-Baltic-crisis-hits-Sweden.html

Isent't that a track record? And now these bankster morons have the guts to demand extra compenasation for the coming disaster they again have managed to create?

Finansförbundet varslar om konflikt
Finansförbundet varslar om konflikt på samtliga företag som tillhör Bankinstitutens Arbetsgivareorganisation (BAO). Varslet gäller övertids- och mertidsblockad för samtliga medlemmar från den 5 mars. Från samma datum gäller också blockad mot alla nyanställningar. Från den 11 mars råder även förbud mot utrikes tjänsteresor.
http://www.svd.se/nyheter/inrikes/finansforbundet-varslar-om-konflikt_5960149.svd