First exit polls suggest Sweden will reject the Euro

[Kropotkin]

Hippies have dominated both sides as I see it. A lot of talk about peace, understanding and working together in the European family. Not enough solid economic debate.

[Solly]

PA, well i think if blair seriously thought he could win a vote on the euro he would hold one tomorrow regardless of the economics.

I don't think it's possible for a vote on the Euro to be won unless "the economics" are right. We aren't stupid. So your above point is pretty much irrelevant.

[Buck Birdseed]

Originally posted by Kropotkin
Hippies have dominated both sides as I see it. A lot of talk about peace, understanding and working together in the European family. Not enough solid economic debate.

See? That's the prevalent attitude that made this referendum impossible to win. People on the left using neo-liberal arguments about economics...

[C0ckney]

well maybe not, but the point is that blair only cares about the economics to serve his political goals.

[Gramphos]

Originally posted by paiktis22
The results can be explained easily: Swedes came for holiday in Greece, saw everything having a 100% raise after the euro and said: "We won't be as dumb as the Greeks".

And they were right.

According to an investigation made by SCB the inflation over the last three years has been about the same in countries that have introdused the Euro, and in others. It might have been a slightly jum duriong the change, but it's taken out by smaller changes later on.

[Chemical Ollie]

http://news.bbc.co.uk/2/hi/europe/3108292.stm

Sweden says No to euro


Sweden has voted decisively to reject the euro in a referendum held days after the killing of Foreign Minister Anna Lindh.
With results in from 80% of districts the No-side has 57% against 41% for the Yes-side.

Prime Minister Goran Persson has conceded defeat.

RESULTS FROM 80% OF DISTRICTS
Against euro: 57%
In favour: 41%
Undecided ballot: 2%


Muted celebration in No-camp
Lindh was the main face of the Yes campaign, and most opinion polls after her stabbing in a Stockholm department store showed support for the euro rising.

However, the No side was able to hang on to the majority it had right through the campaign.

Outpouring of grief

The BBC's Chris Morris in Stockholm says Sweden may vote on the euro again, but is now likely to remain outside the eurozone for at least a decade.

Opponents of euro membership in Britain and Denmark - the other two EU countries outside the eurozone - will take heart, he adds.

The result also means that euro has failed its first test since the new notes and coins were introduced at the beginning of last year.


Outside a polling station: Swedes tell how they voted - and why


In pictures


All Sweden's main political parties were campaigning in favour of euro membership, along with the business community.

However, the No-camp struck a chord with voters by pointing out that Sweden had higher growth and lower unemployment than the eurozone.

It also benefited from fears that euro membership could lead to the erosion of Sweden's generous welfare state.

[Kropotkin]

Buck: I asked for solid economics, not neo-liberal dito.

[Chemical Ollie]

We obviuosly have a string of stubborn resisters in the norteast corner on Europe:

Sweden-Norway-Denmark and United Kingdom

[Ecthy]

[Spiffor]

Originally posted by DinoDoc
Yeah. They'll keep voting until they get the required result. Look at the Irish.

And of course, after repeatedly organizing referendum to get the expected result, it is completely illegal to organize a referendum to pull out.
WTG European Democracy !

[TCO]

That's called the "roach motel".

[TCO]

Why hasn't anybody blamed the US? Or at least Bush? Come on. We crave the attention.

[Paris]

"The BBC's Chris Morris in Stockholm says Sweden may vote on the euro again, but is now likely to remain outside the eurozone for at least a decade. "
Maybe this is the most tragic thing for Swedish economy but people will descover it after 2-3 years... it's being more dramatic if you thought that the left parties and 'nazi' had the... SAME opinion about this vote! After Denmark and Sweden only UK left: we have a clear view about next big 'european' step: with 12 or 13 countries (if UK join) we will have a 'superstate'. I think that Irish people thought and voted much more for their future than their present like Swedish today... :-)

[The Mad Monk]

Euro rallies against krona as Swedes vote "no"
By Christopher Brown-Humes and Nicholas George in Stockholm, Clare MacCarthy in Copenhagen and Jea
Published: September 14 2003 19:24 | Last Updated: September 15 2003 7:35


The euro turned higher on Monday after Sweden on Sunday night delivered a crushing rejection of the single currency, turning its back on closer integration with Europe and dealing a savage blow to its own leaders.

In early trade on Monday, the euro had risen to SKr9.1915 against the krona, from SKr9.1070 at the close on Friday. Against the dollar, the single currency weakened a little to $1.1250 from $1.1301 on Friday.

"The relatively strong performance of Sweden's economy and concern over the recent unpunished breaches of the stability pact by countries such as France undoubtedly contributed to the outcome," said Mitul Kotecha at Credit Agricole Indosuez. "The krona is likely to remain vulnerable over coming days, with a test of euro support at around SKr9.28 likely."

An expected sympathy vote for Anna Lindh, the foreign minister who was murdered last week, failed to materialise.

Göran Persson, the prime minister, said the result was clear and would be "very easy to respect". He added: "There is a deep scepticism to the whole Emu project among the Swedish people."

The referendum result was 56.1 per cent against and 41.8 per cent for. There were 2.1 per cent blank votes and the turnout was 81.2 per cent. Only the Stockholm region and Skane in the south of the country voted in favour.

By early trade on Monday, the euro had risen to SKr9.1915 against the krona, from SKr8.0586 at the close on Friday. Against the dollar, the single currency weakened a little to $1.1250 from $1.1301 on Friday.

The decision to keep the krona effectively banishes any prospect of Tony Blair holding a euro referendum in the UK before the next general election, lobbyists for the single currency conceded.

The No campaigners in Britain claimed the result highlighted the "huge difficulty that the government would have winning a vote in Britain, where opposition is even higher".

In Denmark, which rejected the single currency three years ago, Anders Fogh Rasmussen, the prime minister, insisted that the result would have no impact on whether the Danes voted again. "Danes will make their decisions completely independently of what has happened in Sweden," he said.

Romano Prodi, president of the European Commission, predicted Sweden would lose influence in Europe.

A strong reaction to the Swedish referendum is expected from financial markets, which had not expected such an emphatic decision. Analysts have predicted that the krona would weaken sharply against the euro on Monday morning.

"This is a clear rejection by Sweden of the single currency and the government will not be revisiting the situation for some time," said Tim Stewart, chief currency strategist at Morgan Stanley in New York.

The decision to keep the krona represents a rejection by Swedes of the political and business establishment that strongly favoured euro membership.

Mr Persson admitted that the timing for the campaign had been poor, with several of the leading eurozone economies in recession and squabbling over the rules that underpin the region's financial stability.

Many voters felt Sweden was doing better outside the euro, with stronger growth, lower unemployment and stable public finances. They also felt that cherished welfare programmes were better safeguarded by an independent monetary policy.

The No means Sweden remains the only EU member outside both the euro and the Nato defence alliance, underscoring an isolationist streak in the country's psyche. It also leaves the country in a peculiar position because, unlike Denmark and the UK, it does not have a formal opt-out from the single currency.

It represents a significant setback for Mr Persson who failed to convince his fellow Swedes of the euro's benefits. He now faces the task of uniting his own Social Democratic Party, which was deeply divided over the issue. But he made it clear he would not resign.

The vote comes at the end of one of the most emotional weeks in Sweden's recent history after the murder of Ms Lindh, an ardent euro supporter. Celebrations by the No side were muted because of this.

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479812023&p=1012571727085

I guess that leaves the Pound safe as well.

[Gangerolf]