"The negotiations with Elsevier have stranded because the business model they, like many of the big publishers, apply and where the higher education institutions pay triple, is completely unreasonable," writes Stockholm University's President Astrid Söderbergh Widding in a comment on her blog (so far only available in Swedish).

The agreement with Elsevier is cancelled as of June 30th, after which new publications can not be reached. Older publications will still be available through the library.

More information:
Bibsam: "Sweden stands up for open access – cancels agreement with Elsevier"