A near-riot and parliament besieged: Iceland boiling mad at credit crunch

Scotsman.com ^ | 11-24-08 | Omar Valdimarsson

[dynachrome]

THOUSANDS of Icelanders have demonstrated in Reykjavik to demand the resignation of Prime Minister Geir Haarde and Central Bank governor David Oddsson, for failing to stop the country's financial meltdown. It was the latest in a series of protests in the capital since October's banking collapse crippled the island's economy. At least five people were injured and Hordur Torfason, a well-known singer in Iceland and the main organiser of the protests, said the protests would continue until the government stepped down.

As crowds gathered in the drizzle before the Althing, the Icelandic parliament, on Saturday, Mr Torfason said: "They don't have our trust and they are no longer legitimate."

The value of the Icelandic krona has been cut in half since January.

Four Nordic countries, as well as the International Monetary Fund (IMF), have pledged to lend the country a combined $4.6 billion to help revive its deflated economy. The loan would be the first by the IMF to a Western nation since 1976

[dynachrome]

Not good when even Iceland gets caught up in the frenzy.

[Travis McGee]

Oh, those madcap hot-headed Icelanders!

Actually, it may be a microcosm of our future. The world will blame us for selling “poison apples” long after Iceland’s small part is forgotten.

[farlander]

Even the Iceland ? Those guys were some of the worst offenders in terms of giving out bad loans. If you read up on their financial collapse, you’ll see that the whole freakin’ country played in the derivatives and currency markets. Well... the piper gets paid, one way or the other.

[ari-freedom]

coming soon to Obamamerica

[rabscuttle385]

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[dynachrome]

The bad part is they will be getting bailed out by the IMF,aka the US taxpayer.

[TLEIBY308]

Do they have guns in Iceland.Some rope might help too.

[KoRn]

Just send’em a bailout and be done with it.

[rabscuttle385]

*Ping!*

[2banana]

Despite the intervention, however, Iceland still faces a sharp economic slowdown and surging job losses while at least one-third of Icelanders are also at risk of losing their homes and life savings.

What is not mentioned is that Iceland government debt was written in foreign currencies. There is no way out of that scenario but default (ie - you can't inflate out of it).

[calenel]

A simple solution: Statehood for Iceland. Then they can carve off a slice of the American Pie while robbing the American People, just like our own corrupt and incompetent politicians do. It isn’t like we don’t have plenty of Socialists already. What harm could a few more do?

[Gay State Conservative]

Does this mean we’ll never see Bjork’s ugly mug again?? One can only hope.But seriously,I read a piece in the Financial Times the other day that said,in essence,that due to certain recent monetary policies of the Icelandic government and banks the country is now truly scr*wed economically.Sounds pretty bad to me.

[RightWhale]

Interesting they think their Thing has something to do with the bank failure.

[TYVets]

Do they have guns in Iceland.Some rope might help too.

Not so drastic, Tar, Feathers and Rode out of town on a rail?

[tubebender]

It must be related to Glo Bull sWarming and the Ice Sheets melting growing melting growing. OK...so I haven't checked today...

[Enchante]

Let’s just do another bailout - buy up all of their bad debt, put the people on their feet again, and make them the 51st state (or are we at 58, 59, 60, or 61?? Can’t be too sure with Obambi).

I’d much rather bail out Iceland than Citibank — at least Iceland has lots of beautiful, sultry females with loose morals.....

/SARCASM

Don’t flame me, I was only KIDDING......

[Publius6961]

BUMP!

[Uncle Miltie]

[randomhero97]

That’s not a trap is it?

[Uriah_lost]

So the herring muncher, Scandis are upset huh? Time to go a viking again, maybe.

Lol, EvE Online is one of the only really productive industries they have anymore. Who knew?