Velkajärjestelylaki

Velkajärjestelylaki, also known as the Large-scale Adjustment Act, is a Finnish legislation that aims to address the economic challenges faced by the country in the aftermath of the 2008 financial crisis. The act was enacted in 2010 and has since undergone several amendments. Its primary objectives include promoting economic growth, reducing public debt, and ensuring the sustainability of the Finnish welfare state.

The law introduced a series of measures to stimulate economic activity, including tax cuts, subsidies for businesses, and investments in infrastructure. It also imposed austerity measures on public spending, aiming to reduce the budget deficit and lower public debt. Additionally, the act introduced reforms to the labor market, such as the introduction of a new employment service and the expansion of part-time work opportunities.

Velkajärjestelylaki has been a subject of debate and criticism, with some arguing that the austerity measures have been too harsh and have negatively impacted the economy. Others have praised the law for its efforts to address the financial crisis and ensure the long-term sustainability of the Finnish welfare state. Despite the controversies, the law has been credited with helping Finland recover from the economic downturn and achieve a strong economic performance in recent years.