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Austerity hits Nobel as prize money cut by 20pc

The Nobel Foundation has become the latest victim of austerity after announcing that the prize money awarded to laureates will be cut by 20pc following a series of unfortunate investment decisions.

Last year 12 Nobel winners were honoured in Stockholm during a week of lavish receptions and banquets. The Nobel peace prize is handed out at a separate ceremony in Oslo.

This year, the money for the Nobel prizes, given for excellence in the sciences, literature, economics and promoting peace, will fall from 10 million to 8 million Swedish krona (€907,000). It will be the first reduction in the face value of the prize since 1949. (© Independent News Service)

Irish Independent