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Sweden to offer $23 billion in liquidity guarantees to energy firms By Reuters

© Reuters. FILE PHOTO: Swedish Finance Minister Mikael Damberg attends a press conference to propose relief for households affected by high electricity prices, in Rosenbad, Stockholm, Sweden January 12, 2022. Johan Jeppsson /TT News Agency/via REUTERS/File Photo

STOCKHOLM (Reuters) – Sweden aims to offer 250 billion Swedish crowns ($23.23 billion) in liquidity guarantees to energy firms that would last until March next year to help avert a financial crisis, Finance Minister Mikael Damberg said on Sunday.

Without government’s guarantee, electricity producers could have ended up in “technical bankruptcy” on Monday, Damberg said, two days after Russia’s Gazprom (MCX:) shut the Nord Stream 1 gas pipeline, deepening Europe’s energy crisis.

($1 = 10.7633 Swedish crowns)

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