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April 04, 2006
Denmark : economic miracle?
My prescience amazes even my good self sometimes. Just 3 days ago I blogged about the Economist Intelligence Unit ranking Denmark as the foremost business climate in the World. Now it seems that Denmark's wise approach to fiscal responsibility has paid off in another way : the National Bank reports that the country is free of foreign debt for the first time in over 50 years.
The low point was in 1988, when foreign debt reached nearly 50% of GDP. Since then, an insistence on balancing the budget has seen that debt turned into a surplus. There are no plans to hand out surpluses as tax cuts though : instead interest from the surplus will be used for public-sector projects.
The other thing I presciently mentioned was strikes : bus drivers on 16 lines were on strike today over a spitting incident: a passenger spat at a driver, who then was not allowed to go home to shower and change clothes. Ugly stuff, and my sympathies are with the bus drivers (especially as my line probably won't be affected when/if they strike again tomorrow).
Posted by daen at April 4, 2006 12:25 AM
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