Originally Posted by
⌐ AV8OR WANNABE
This 'bailout' is very important to our profession (and the entire country) and therefore I'm replying to this 'political' thread.
In a nutshell in the early 90’s the Swedish government was forced to buy out over 20 billion dollars worth of 'junk loans" from many Swedish banks and institutions that were collapsing left and right - the economy improved within a year or so after this 'bailout' and once the loans were eventually auctioned off the Swedish government ended up making very healthy profits on those ‘junk loans’.
(Note - the article below mentions 67 billion Swedish crowns which at the time was equivalent to some 11 billion US dollars [rate of 5.5 SEK to 1 US$ at the beginning of the crisis]...
Here's the FT article...
Policy chiefs have an eye on ‘Swedish model’
By Christopher Brown-Humes
Published: September 21 2008 22:36 | Last updated: September 21 2008 22:36
l [/url]
And here's how they paid for it. Be careful what you wish for...
Tax Rates Around the World
(Note: Only the underlined countries are currently ready)
Country Income Tax VAT
Corporate Individual
Argentina 35% 9-35% 21%
Australia 30% 17-47% 10%GST
Austria 25% 21%-50% 20%GST
Belgium 33.99% 25-50% 21%
Brazil 34% 15-27.5% 17-25%
Bulgaria 10% 10% 20%
Canada 19.5%(federal) 15-29%(Federal) 5%(gst)
China 25% 5-45% 17%
Cyprus 10% 20-30% 15%
Czech Rep. 21% 15% 19%
Denmark 24% 38-59% 25%
Egypt 20% 10-20% -
Estonia 22% 22% 18%
Finland 26% 8.5-31.5% 22%
France 33.33% 10%-48.09% 19.6%
Germany 30-33%(effective) 15-45% 19%
Gibraltar 33% 0-40% -
Greece 22/25% 0-40% 19%
Hong kong 17.5% 2-17% -
Hungary 16% 18% and 36% 20%
India 30-40% 10-30% 12.5%
Indonesia 10-30% 5-35% 10%
Ireland 12.5% 20-41% 21%
Israel 27% 10-47% 15.5%
Italy 31.4% 23%-43% 20%
Japan 30% 5-40% 5%(consump)
Latvia 15% 25% 18%
Lithuania 15% 15%/24% 18%
Luxemburg 22% 0-38% 15%
Malta 35% 15-35% 18%
Mexico 28% 0-28% 15%
Monaco 33.33% 0% 19.6%
Morocco 35% 0-41.5% 20%
Montenegro 9% 15% 17%
Netherlands 20-25.5% 0-52% 19%
New Zealand 33% 0-39% 12.5%gst
Norway 28% 28-51.3% 25%
Pakistan 35% 0-25% 15%
Philippines 35% 5-32% 12%
Poland 19% 19-40% 22%
Portugal 25% 0-42% 20%
Romania 16% 16% 19%
Russia 24% 13% 18%
Saudi Arabia 20% 20% --
Serbia 10% 10-20% 18%
Singapore 18% 3.5%-20% 7% (gst)
Slovakia 19% 19% 19%
Slovenia 22% 16%-41% 20%
South Africa 29% 24-43% 14%
Spain 30% 24-43% 16%
Sweden 28% 0-56% 25%
Taiwan 25% 6-40% 5%
Thailand 30% 5-37% 7%
Turkey 20% 15-35% 18%
U.K. 30% 0-40% 17.5%
Ukraine 25% 15% 20%
U.S.A. 15-35% 15-35% -
Vietnam 28% 0-40% 10%
Zambia 35% 0-35% 17.5%