• Norway edition
 
Norway offers IMF €7 billion to help eurozone
Photo: Guri Dahl/Office of the PM (File)

Norway offers IMF €7 billion to help eurozone

Published: 21 Dec 2011 10:26 GMT+01:00
Updated: 21 Dec 2011 11:26 GMT+01:00

"Norway today offered the International Monetary Fund a loan of 55 billion kroner to help stabilise the European economy," Stoltenberg told reporters.

Earlier this week, the 17 countries that share the euro pledged €150 billion ($195 billion) in bilateral loans for the International Monetary Fund to assist the debt-laden eurozone.

European Union leaders had called at a December 9th summit for €200 billion, including contributions from non-eurozone countries.

"We are doing this because it is in our interest to restore enough order in the international economy to be able to get out of the crisis we are currently bogged down in," Stoltenberg said.

"It is not a gift, it is an investment," he insisted.

The loan requires approval from the Norwegian parliament and is conditional on other contributions from other countries, he said.

Four non-eurozone members of the EU -- the Czech Republic, Denmark, Poland and Sweden -- each pledged on Monday to make loans to the IMF for use in stabilising the eurozone.

But Britain, also a member of the EU but not of the eurozone, has meanwhile refused to stump up its roughly 30-billion share.

Norway is not a member of the EU but its economy is heavily dependent on exports to the region.

While the Norwegian economy remains robust thanks to its oil industry -- it is the world's seventh-biggest exporter of black gold -- the Scandinavian country is concerned about an economic slowdown in Europe that would lead to a reduction of its exports.

Don't miss...X
Left Right

Your comments about this article

Today's headlines
82-year-old cyclist mistaken for terrorist
Norway's terror alert catches an innocent suspect. Photo: Senior man on bike Shutterstock

82-year-old cyclist mistaken for terrorist

Norwegian police searched and charged an elderly man whom they suspected of carrying a bomb on his bike, in Oslo this week. READ  

Russia report Norway to WTO over fish dispute
Minister of Fishery, Elisabeth Aspaker (Høyre - The Right Wing Party) confirms that there is a conflict with Russia about fishing crew fees. Photo: Per Tormod Nilsen / NTB scanpix

Russia report Norway to WTO over fish dispute

Russia is set to report Norway to the World Trading Organization (WTO) because it believes the Scandinavian country discriminates against Russian fishing crews, it was announced on Friday. READ  

Norway's terror high alert is over: PST
Minister of Justice Anders Anundsen (left), PST chief Benedicte Bjørnland and police director Odd Reidar Humlegård during Thursday's press conference. Photo: Berit Roald / NTB scanpix

Norway's terror high alert is over: PST

Norway has downgraded its national terror alert on Thursday to the same level as it was prior to last week's threat. READ  

FL Fart get dead fan’s 4 million kroner windfall
Norwegian football club FL Fart inherited 4 million kroner from a lifelong fan. female soccer team Shutterstock

FL Fart get dead fan’s 4 million kroner windfall

A first-division woman’s football team in Norway received millions of kroner after an elderly man passed away and left all his money to the club. READ  

Second man arrested in imam attack
Police guard the Central Jamaat Ahle-Sunnat mosque in Oslo. Photo: Fredrik Hove / NTB scanpix

Second man arrested in imam attack

Norwegian police have arrested on Thursday a second suspect in the case of the attempted murder of the imam of Oslo's main mosque in mid-June. READ  

Israel appoints new Norway ambassador
Naim Araidi, Israel's former ambassador to Norway, is to be replaced. Photo: Stian Lysberg Solum / NTB scanpix

Israel appoints new Norway ambassador

Israel has chosen Raphael Schutz as new Norway ambassador to replace Naim Araidi, who was called home earlier this year amid controversy. READ  

Norway's Deila suffers Champions League woe
Ronny Deila's Celtic endured a humiliating defeat against Legia Warsaw. Photo: Leszek Szymañski / NTB scanpix

Norway's Deila suffers Champions League woe

Celtic lost 4-1 against Legia Warsaw in a nightmare Champion League result under Norwegian boss Ronny Deila on Wednesday. READ  

Circus camel escapes again
Ali the camel believes the grass is greener on the other side of the fence. Photo: Knut Jegersen / NTB scanpix.

Circus camel escapes again

For the second time in 24 hours, a camel has taken the hump and fled a travelling circus in Norway. On Wednesday Ali the camel was again seen by locals grazing on a public roadside in Stjørdal. READ  

'Still a specific attack threat': terror expert
Kjetil Stormark, journalist and terrorism expert. Photo: Erlend Aas / NTB scanpix

'Still a specific attack threat': terror expert

Norwegian police were right to call a national alert after they learnt a terror group from Syria had fake ID documents and were set to enter Norway, claims a terrorism expert on Wednesday. READ  

Norway continues to downgrade terror alert
Bjørvika, central Oslo: The security level of several ports was increased as the threat level went up. Photo: Heiko Junge / NTB scanpix

Norway continues to downgrade terror alert

Norway further returns to normal after the terror alert, as Norwegian ports relax their security levels at less exposed coastal facilities. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
National
Swiss bus driver charged with careless driving in fatal Norway crash
Society
Brit's charity tractor trek heads for Norway
Travel
Plans unveiled for bike trail along former Iron Curtain
National
Norway lifts Segway ban
Culture
GALLERY: Ten great songs about Norway
Society
Høie promises to reform sex change law
Education
Norway fjord invaded by monster jellyfish
Culture
VIDEO: Norwegian anti-Facebook film goes viral
Culture
Norway pop duo hits number 4 on US charts
Sport
Norway fan wins big on Suarez bite bet
National
Solberg 'most chatty' leader on Twitter
Culture
British Airways takes 'Slow TV' to the skies
International
Top Norway lawyers back Snowden Nobel
Society
Buy your own Viking warship for just €160,000
Politics
Norway PM beats Candy Crush level 300
Culture
Norway sticks with fårikål as national dish
International
Cold bathing craze leads to teen death
Society
Sweden threatens to 'annex' the ostehøvel
National
Baby squirrels survive cat attack
Society
Norway's 'cushy' prisons spurring foreign cons
National
Half Norwegians overweight: Gates study
International
VIDEO: Jagland doing press-ups in Donetsk
Business & Money
Striking Norway barbers: 'Let your hair grow'
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

326
jobs available