Chart of the week: Norway taps its piggy bank

Saudi Arabia isn't the only nation struggling following the oil-price slide, says ZeroHedge.com. For the first time since Norway set up its sovereign wealth fund in 1996, the state has tapped it to cover some public spending.

It took out $5.4bn in the first half of the year, and is set to withdraw another $20bn in the second, a sum worth around 18% of overall government spending, which in turn accounts for 60% of the $375bn economy.

This is still under the 4% annual withdrawal limit ($36bn), which may be cut, given the difficulty of earning a decent yield these days.

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