Subprime artic ripple effects

U.S. Credit Crisis Adds to Gloom in Arctic Norway

U.S. Credit Crisis Adds to Gloom in Arctic Norway
By MARK LANDLER
Published: December 2, 2007
Norwegian towns that lost millions in bad investments fear that they will have to cut local services.

Excerpt:

Narvik has $34.5 million in a second Citigroup-devised investment, known as a collateralized debt obligation, which has also lost value as a result of the broader market turmoil. The town stands to lose at least some of that money, too.

Comments: I was surprised by the far reaching negative impact of the subprime crisis!