The Great Finnish Depression

[tama]

"In 1991 Finland fell into a Great Depression-magnitude depression caused by a combination of economic overheating, depressed Western, Soviet and local markets, and disappearance of Soviet barter system. Stock market and housing prices declined by 50%.<6> The growth in the 1980s was based on debt, and when the defaults began rolling in, GDP declined by 13% and unemployment increased from a virtual full employment to one fifth of the workforce. The crisis was amplified by trade unions' initial opposition to any reforms. Politicians struggled to cut spending and the public debt doubled to around 60% of GDP.<6> Much of the economic growth in the 1980s was based on debt financing, and the debt defaults led to a savings and loan crisis. Total of over 10 billion euro were used to bail out failing banks, which led to banking sector consolidation.<7> After devaluations the depression bottomed out in 1993."
http://en.wikipedia.org/wiki/Economy_of_Finland

[VWolf]

1. Ok, someone's got to say it

How did the depression eventually finnish?

(Sorry, trying to get my post count to 1000 by 11/4)

[dionysus]

2. oy.....

:spank:

[tama]

3. Oh

Finnish depression never finnishes...