Sweden Unveils $6 Billion More for Banks

Sweden's government says it is ready to inject 50 billion kronor ($6 billion) into the nation's banks in a fresh bailout initiative designed to boost lending to Swedish companies hurt by the credit crunch.

The center-right government says the additional money will be made available to banks through a previously announced stability fund.

Finance Minister Anders Borg said Tuesday the new plan was needed to improve the banks' ability to provide credits to households and companies.

Sweden has previously approved a 1.5 trillion kronor ($200 billion) rescue package for the nation's financial sector, including credit guarantees to banks.