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Iceland is all but officially bankrupt
International Herald Tribune ^
| October 9, 2008
| Eric Pfanner
Posted on 10/10/2008 12:18:22 PM PDT by george76
People go bankrupt all the time. Companies do, too. But countries?
Iceland was on the verge of doing exactly that on Thursday as the government shut down the stock market and seized control of its last major independent bank. That brought trading in the country's currency to a halt, with foreign banks no longer willing to take Icelandic krona, even at fire-sale rates.
As the meltdown in the Icelandic financial system quickened, with the government seemingly powerless to do anything about it, analysts said there was probably only one realistic option left: for Iceland to be bailed out by the International Monetary Fund.
"Iceland is bankrupt," said Arsaell Valfells, a professor at the University of Iceland. "The Icelandic krona is history. The IMF has to come and rescue us."
Iceland has approached Russia about a loan of 4 billion, or $5.5 billion, to help see it through the crisis, but Haarde said no agreement had been reached.
(Excerpt) Read more at iht.com ...
TOPICS: Business/Economy; Extended News; Foreign Affairs; News/Current Events; Russia
KEYWORDS: bjorkcantsaveus; globalcollapse; globaleconomy; iceland; icelandicbailout; reykjavik; russia
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1
posted on
10/10/2008 12:18:22 PM PDT
by
george76
To: george76
2
posted on
10/10/2008 12:19:31 PM PDT
by
Lazamataz
(Secondhand Aztlan Smoke causes drug addiction obesity in global warming cancer immigrant terrorists.)
To: Lazamataz
3
posted on
10/10/2008 12:20:49 PM PDT
by
Perdogg
("That One" for President - of Kenya, Say no to Barack Odinga)
To: Lazamataz
A possible source of revenue ?
4
posted on
10/10/2008 12:20:57 PM PDT
by
george76
(Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
To: Lazamataz
And now you can pick one up for a song! lol
To: Lazamataz
Maybe Bjork or whatever her name is can cut a few more records.
To: george76
Let’s buy them out and make them a state.
To: perfect_rovian_storm
And now you can pick one up for a song! lol Not with my voice. Not even the ugly ones.
8
posted on
10/10/2008 12:22:41 PM PDT
by
Go Gordon
To: george76
I will never forgive Iceland for Bjork. Never.
9
posted on
10/10/2008 12:22:48 PM PDT
by
Aquinasfan
(When you find "Sola Scriptura" in the Bible, let me know)
To: Liz; Grampa Dave; SunkenCiv
10
posted on
10/10/2008 12:23:16 PM PDT
by
george76
(Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
To: george76
So what now? Everyone eats codfish?
11
posted on
10/10/2008 12:23:20 PM PDT
by
silverleaf
(Fasten your seat belts- it's going to be a BUMPY ride.)
To: george76
And Icelandic folks on this thread? I’ve been searching high and low on the internet for a supposed cabbage soup. It is supposed to be great for raising testosterone levels for athletes.
12
posted on
10/10/2008 12:23:47 PM PDT
by
TheErnFormerlyKnownAsBig
(There once was a dream called, "Hippy Beat Down." The mere whisper of if caused cops to cry.")
To: george76
13
posted on
10/10/2008 12:23:55 PM PDT
by
COBOL2Java
(Obama wants to raise taxes and kill babies; Palin wants to raise babies and kill taxes.)
To: george76
More people live in Staten Island than live in Iceland.
As countries go, it is miniscule.
For comparison - Lehman Brothers had a market cap three times the size of Iceland's GDP.
Vallejo, CA - the town that went bankrupt - has a population about half of Iceland's/
14
posted on
10/10/2008 12:25:21 PM PDT
by
wideawake
(Why is it that those who like to be called Constitutionalists know the least about the Constitution?)
To: perfect_rovian_storm
China might. Would be a good place for them to move all their Muslims.
15
posted on
10/10/2008 12:25:25 PM PDT
by
Mark was here
(The earth is bipolar.)
To: george76
that’s what happens when your currency is based on nothing.
16
posted on
10/10/2008 12:26:05 PM PDT
by
ari-freedom
("He (Obama) cannot win, Bill. He cannot win" -Hillary)
To: george76
How can that be? [sarc]. Iceland is nearly energy independent, getting over 70% of its energy from renewable sources like hydroelectric and geothermal. It ranks 63rd in the world in terms of carbon emissions per capita.
To: george76
interesting timing reveals the depth of RFK Jr’s intellectual prowess
Maybe the Kennedy’s should just buy Iceland and use it as a giant windmill site and a place to park yachts
18
posted on
10/10/2008 12:26:12 PM PDT
by
silverleaf
(Fasten your seat belts- it's going to be a BUMPY ride.)
To: Lazamataz
19
posted on
10/10/2008 12:26:12 PM PDT
by
Travis T. OJustice
(Change is not a destination, just as hope is not a strategy.)
To: george76
Can I buy Iceland cheap? I might just move there is Obama wins in November.
20
posted on
10/10/2008 12:26:45 PM PDT
by
Virginia Ridgerunner
(Sarah Palin is a smart missile aimed at the heart of the left!)
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