A banking system in crisis after the collapse of a housing bubble. Aneconomy hemorrhaging jobs. A market-oriented government struggling tostem the panic. Sound familiar? 

It does to Sweden. The country was so far in the hole in 1992 — afteryears of imprudent regulation, short-sighted economic policy and theend of its property boom — that its banking system was, for allpractical purposes, insolvent.

But Sweden took a different course than the one now being proposed by the United States Treasury. And Swedish officials say there are lessons from their own nightmare that Washington may be missing.

Read Carter Dougherty's full report in his NY Times article on "Stopping A Financial Crisis, The Swedish Way."