Investors flee to the non-eurozone Scandinavian country to find a refuge from debt-ridden eurozone economies.

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Due to the country's comparatively stable banking sector and low exposure to Greece and other troubled economies more and more investors eye Sweden as a safe harbor.

“When the Baltic countries’ economies collapsed, investors fled Sweden because of its banks’ investments there. Today, they’re flocking to the Nordic country as a refuge from debt-ridden southern Europe”, Bloomber wrote in an analysis Friday.

Compared to most European banks, Swedish banks are less exposed to the troubled eurozone countries Greece, Italy, Portugal and Spain, according to figures from Danske Bank.

“Scandinavia is viewed by many investors as a safer place to put money considering the debt crisis affecting the euro-zone countries,” Espen Furnes, a fund manager at Storebrand ASA in Oslo, told Bloomberg.

“Nordic banks have been a defensive play, given their balance sheets are much cleaner, and they are a lower-risk investment compared to many other rivals. They seem a safe place to invest right now.”

All major Swedish and Nordic banks reported first quarter profits that beat analysts’ estimates. Sweden is also likely to have the smallest budget deficit in the EU this and next year, according to EU forecasts.

“Investors are looking for secure alternatives outside the euro zone and Sweden and Norway are such countries, with a strong state-financial situation and a good industrial structure that benefit from the global recovery and with a large exposure to the U.S. and Asia,” Håkan Frisén, an analyst at SEB in Stockholm, told the newswire.