Nobel Peace Prize hit by crisis and to be reduced

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.