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Title : Sweden And Finland Are Bailing Out Their Power Companies With The Closure Of Nord Stream 1 Gas Pipeline
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Sweden And Finland Are Bailing Out Their Power Companies With The Closure Of Nord Stream 1 Gas Pipeline

Sydney Morning Herald: Nord Stream 1 closure threatens Sweden, Finland energy market with ‘Lehman Brothers’ crisis 

Stockholm: Finland and Sweden have announced plans to offer billions of dollars in liquidity guarantees to power companies in their countries after Russia’s Gazprom shut the Nord Stream 1 gas pipeline, deepening Europe’s energy crisis. 

The Kremlin blamed European politicians on Sunday for the closure of the pipeline, saying their economic sanctions on Russia had hindered Gazprom from conducting maintenance. 

Finland is aiming to offer €10 billion ($14.6 billion) and Sweden plans to offer 250 billion Swedish crowns ($34 billion) in liquidity guarantees. 

“This has had the ingredients for a kind of a Lehman Brothers of energy industry,” Finnish Economic Affairs Minister Mika Lintila said on Sunday, local time.  

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WNU Editor: Here is an easy prediction. This is going to be the first of many bailouts, and it will involve other countries and their power companis.

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