The crumbling of socialism around the world, and its concomitant, state ownership, has reached one of the last bastions, Sweden, and the Swedish government is beginning to waver as it comes under pressure from the director general of the state telecommunications company Televerket to float 45% of the company in 1992. The plan to float the phone company could generate $3,500m for the exchequer. One reason for the flotation is to enable Televerket to make acquisitions in foreign telecommunications companies for shares. Televerket made profits up 30% at some $350m in the first half of 1990 on turnover up 15% at $2,327m. Last year Televerket made $630m profit on turnover of $4,725m.
