Denmark Was Like Greece, Now It’s Really Happy
- Denmark is free of non-krone debt for first time since 1834
- High foreign reserves make dollar bonds unneeded, Danske says
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One of the world’s happiest nations just repaid all its foreign-currency debt. But just four decades ago, devaluation and economic sclerosis were the hallmarks of a much more miserable Denmark.
“In the early 1980s, Denmark was where Greece is now with an economy in crisis,” Jens Naervig Pedersen, a senior analyst at Danske Bank A/S, said by phone. “Now, the country is among the absolute strongest with a record-high current account surplus and strong public finances.”