Jens Stoltenberg says that the current situation with the Euro area is worrying and advises Norwegians not to have blind faith in the country’s oil.
In an interview with VG, he stated, “I am concerned that the euro countries will not succeed. We now run the risk that millions of people will lose their job and people are at risk of losing their savings. It will give us a complex situation.”.
Regarding Norway, he makes assurances that the government is ready to take action and avoid any effects this would have on Norway, however.
“I sleep well at night, because we have taken care of the opportunities we have had: shown responsible spending in good times and set aside money for hard times.We can act quickly,” said Jens Stoltenberg
“We have emergency preparedness and are following the situation. Nevertheless, we are not in a situation where I will be notifying which measures these are now”.
At the same time, the Prime Minister also warned against the belief that Norway can rest on its laurels because of the oil.
“We saw it in the 90s. Norway experienced a banking crisis, debt crisis and high unemployment then. We also had oil revenues [then]. It’s naive to believe that oil revenues will always save us”.
Moreover, he believes that Norway could face problems in several areas including in its exports as half of what Norway produces is exported.
“The third thing that could happen is that the problems spread to emerging economies such as China and India. The oil price will then fall.”
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