Narvik (2008): A report on the small town of Narvik that has been hit hard by the recent economic crash.
For similar stories, see:
How Iceland Became A Symbol Of The 2008 Financial Crisis
The Financial Crisis Is Forcing America To Redefine Their Values
Has Wall Street Created Another Housing Crisis?
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In the sleepy town of Narvik, the global economic meltdown has caused havoc. Finding itself caught in a spiral of deceit and debt, people are considering leaving town as public services struggle to stay open.
There seems to be no place, however small, that hasnt been affected by the downturn in the US economy. This small seaport town of Narvik is home to only 14,000 people but it has become another victim of high-risk sub prime mortgage lending. The local council agreed to this loan lemon that was sold to them by an Oslo based brokerage company, which is owned by 78 different banks including Citigroup. According to the local political opponent to the mayor the town has lost at least 200 million Norwegian krone (approx million) and public services such as schools and nursing homes are facing closure.
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