With the economic crisis continuing, even the Nobel Peace Prize has felt the hit. Prizes will be reduced by up to 20% this year.
Based in Stockholm, Sweden, the Nobel Foundation had decided to reduce the value of the 2012 prize, due to economic difficulties. While still a coveted prize, Nobel winners this year will receive 8 million Swedish kronor (about $1.1 million) each, as compared to the 10 million Swedish kronor, or $1.4 million, received last year. The Nobel Foundation is trying to safeguard the long-term capital of the organization… read more.