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Ανατρεχοντας στο αρχείο της Moodys βρήκα ενδιαφέροντα στοιχεία για το πώς η Δανία είχε επιστρέψει τη δεκαετία του '90...
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Denmark, Government of
Announcement: Moody's update on Sovereign calendar issuers
Global Credit Research - 03 Feb 1997
NEW YORK, February 3, 1996 -- Denmark's Aa1 foreign currency debt rating is supported by the sizable current account surpluses the country has run since 1990, Moody's Investors Service says in its annual report on the country. The rating agency adds that these surpluses have reduced the net external debt of Denmark and have caused a decline in the gross foreign currency debt measured in dollars. Moody's "expects these surpluses to continue at least through the decade."
The 1990 surplus was the first in 20 years and was partially the result of an improved energy balance. Moody's explains that the oil crises of the 1970s and Denmark's dependence on oil imports led to a protracted period of deteriorating current account deficits and to a doubling of foreign currency debt during the period 1973-79. Exploitation of Denmark's North Sea oil, however, has aided Denmark in becoming almost self-sufficient in energy.
Another factor Moody's cites is the strict domestic incomes policy in the 1980s. The fiscal tightening in those years also produced several years of sluggish demand, which did not abate until 1993 when household consumption began to recover. GDP growth was a robust 4.4% in 1994 thanks to the momentum of private consumption, but since then the recovery has continued at a slower pace. Denmark also suffers from a relatively high level of unemployment, similar to other European countries.
One negative for the Danish economy is the interest rate differential with Germany, which Moody's says is the result of Denmark's "opt-out" of European Monetary Union. The rating agency believes that the opt-out makes the interest rate differential higher than would otherwise be the case. Even so, Moody's says the Danish krone has stabilized against the D-Mark since the currency market turmoil of 1992-93.
www.globalcapital.com/article/b129jblzpp...the-mighty-aphrodite