Posted on 10/09/2008 7:22:19 PM PDT by TigerLikesRooster
Iceland PM fumes over use of U.K. terrorism law to freeze banks' assets
/snip
The small North Atlantic island country, population 320,000, protested the U.K. government's decision to protect British depositors by freezing the assets of collapsed Icelandic banks under anti-terrorism laws.
Prime Minister Geir H. Haarde called the move a "completely unfriendly act" and blamed Britain in part for Iceland's decision to take control of Kaupthing, the country's largest bank, on Thursday.
It was the third Icelandic bank to be taken over by the government this week.
A stock market boom in the mid-1990s supported the rapid growth of Iceland's banking sector, which came to dwarf the rest of the economy.
/snip
(Excerpt) Read more at finance.sympatico.msn.ca ...
Ping!
Iceland is complaining about frozen assets?
LOL!!!!!!!!!!
Iceland also has a large active volcano. Some stuffs over there are really hot.:-)
So real estate there is growing.
So you can make more of it.
Well, after Iceland essentially told Britain they were going to screw over the British depositors (i.e., default on both the deposits and the 20K Euro deposit insurance), what did they expect the British government to do?
A British government that wouldn’t do this in response would immediately be replaced by another group that would.
Iceland has turned into a giant mattress, unfortunately without much real money in it.
A lot of “completely unfriendly acts” are in the offing.
And suddenly, the CBs are holding onto their gold like liferafts. Did you see that thread?
http://www.freerepublic.com/focus/f-news/2101795/posts
In place of solid gold, the Euro CBs have vaults full of SIVs, MBS, CDOs etc.
Even scrap metal has more value than scraps of paper.
Ha! that’ll teach them not to send their brightest and most capable to our schools and get MBA degrees.
Gee I wonder if they will start seizing US account also.....
Don't forget those incredibly valuable CDS's.
L
Or my personal fave, “CDO’s squared”, leveraged at 30 X 30.
Iceland is not a member of the European Union. On balance, I suspect many Iceish(?) people wish that they were...
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