Finland's prime minister Alexander Stubb has said that Apple could be responsible for the recent downgrade to Finland's sovereign debt rating. Stubb says that Finland's weak economic development was primarily due to the demise of Nokia, as well as the troubles of the country's paper industry. These developments he attributes to the rise of Apple's iPhone and iPad, Stubb told CNBC:
"A little bit paradoxically I guess one could say that the iPhone killed Nokia and the iPad killed the Finnish paper industry, but we'll make a comeback."
Nokia was famously purchased by Microsoft, a deal which officially closed early this year. Finland's paper industry faces competition from cheaper producers of paper, such as China.
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