Swedish banks lent a large amount of money to households in the Baltic countries before the financial crisis. For a while, the risk for credit losses in these countries were the biggest single threat towards the major Swedish banks and thereby the Swedish public finances. Many of these loans were in euro, so if any of the countries would have devaluated many households would have had even more difficulties paying back. In this scenario there is a great risk that the Swedish state would have had to save the banks. This did not happen, the Baltic states survived the worst of the crisis without devaluating.
SEB is now again making a profit in the Baltic states.
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Great times for Swedish banks in the Baltics