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Sweden


International Outlook: GLOBAL WRAPUP

SWEDEN

The political consensus that enabled Prime Minister Carl Bildt's center-right government to begin dismantling the welfare state is breaking down. Amid a deepening recession, the opposition Social Democrats blocked Bildt's efforts to cut sick pay and raise pension contributions in late November. That prompted a currency crisis, forced a devaluation of the krona, and raised doubts about Bildt's own future. To hang on to office and block the Social Democrats' claim for a share of power in a new coalition, Bildt will have to shelve further social cuts. He may even be forced to boost spending on such measures as job retraining.Edited by Stanley Reed


The Aging of Abercrombie & Fitch
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