LO threatens to leave Nordea

Criticism against Nordea is growing after it was revealed that the Nordic region’s largest bank helped customers create mailbox companies in the tax haven Panama.

In Finland the three parliamentary parties decided to cease cooperation with Nordea, followed last week by the Finnish transport union, AKT, and then three days ago the industrial union, Team.

SvD reports that the Swedish Trade Union Confederation (LO) is now considering breaking off with Nordea. According to CFO at LO, Kjell Ahlberg, LO is first waiting to find out whether the bank broke any regulations.

Pressure on government

Closing Sweden’s borders will not solve the major challenges that lie ahead, warn the Swedish Trade Union Confederation (LO) and the Confederation of Swedish Enterprise (Sv. Näringsliv). Both organisations consider that the government must act now and introduce uncomfortable reforms in the wake of huge influx of refugees to Sweden.
“As many people as live in a city the size of Linköping have come so far this year. Look at how much housing, infrastructure and welfare there is there, with its own university hospital, and we’re seeing how much we’ll need to invest now,” says Karl-Petter Thorwaldsson, chair of LO.
“In order to give these new arrivals a chance we must get used to bigger differences (in salaries, ed.) than we have today,” says Carola Lemne, head of Sv. Näringsliv, who wants the government to use the respite it has created in refugee reception to push through major structural reforms.
The situation is so serious that the government must raise the ceiling on public spending, contends Robert Bergqvist, SEB chief economist, warning that to introduce savings at this time will have extremely negative consequences.