The World - News from May 12, 1986
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Two days after forming a new government, Norwegian Prime Minister Gro Harlem Brundtland announced a 12% devaluation of the kroner, effective today, as the first step in an austerity package to boost the nation’s economy. Brundtland said that currency reserves “have dropped by 50 billion since last fall.” Norway’s economic crisis was fueled by a steep drop in the price of crude oil. North Sea oil and gas accounts for 20% of Norway’s gross national product.
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